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REGISTERED NUMBER: 03352891 (England and Wales)














Unaudited Financial Statements for the Year Ended 31 May 2024

for

T & M Commercials Limited

T & M Commercials Limited (Registered number: 03352891)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

T & M Commercials Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: J Murphy
H Murphy



SECRETARY: Mrs C Murphy



REGISTERED OFFICE: Red Ball Garage
Burlescombe
Tiverton
Devon
EX16 7JY



REGISTERED NUMBER: 03352891 (England and Wales)



ACCOUNTANTS: Kirk Hills Business Advisors
a trading name of RT Marke &
Co Chartered Accountants Ltd
5 Barnfield Crescent
Exeter
Devon
EX1 1QT



SOLICITORS: Dunn & Baker

T & M Commercials Limited (Registered number: 03352891)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 269,400 293,434

CURRENT ASSETS
Stocks 150,555 496,197
Debtors 5 244,004 185,045
Cash at bank and in hand 8,608 1,864
403,167 683,106
CREDITORS
Amounts falling due within one year 6 557,586 860,025
NET CURRENT LIABILITIES (154,419 ) (176,919 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

114,981

116,515

CREDITORS
Amounts falling due after more than one
year

7

(92,283

)

(95,518

)

PROVISIONS FOR LIABILITIES (22,586 ) (20,914 )
NET ASSETS 112 83

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 110 81
SHAREHOLDERS' FUNDS 112 83

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

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

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 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.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:




J Murphy - Director


T & M Commercials Limited (Registered number: 03352891)

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


1. STATUTORY INFORMATION

T & M Commercials 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
Turnover represents net invoiced sales of vehicle repairs, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Financial instruments
(i) Financial assets
Basic financial assets, including trade and other debtors are initially recognised at the transaction price and therefore stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


T & M Commercials Limited (Registered number: 03352891)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Freehold Improvements Plant and
property to property machinery
£ £ £
COST
At 1 June 2023 235,518 30,036 250,822
Additions - - 129
Disposals - - (10,999 )
At 31 May 2024 235,518 30,036 239,952
DEPRECIATION
At 1 June 2023 76,546 5,647 143,711
Charge for year 3,704 601 15,362
Eliminated on disposal - - (4,244 )
At 31 May 2024 80,250 6,248 154,829
NET BOOK VALUE
At 31 May 2024 155,268 23,788 85,123
At 31 May 2023 158,972 24,389 107,111

T & M Commercials Limited (Registered number: 03352891)

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


4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£ £ £ £
COST
At 1 June 2023 4,213 425 - 521,014
Additions - - 2,800 2,929
Disposals - - - (10,999 )
At 31 May 2024 4,213 425 2,800 512,944
DEPRECIATION
At 1 June 2023 1,253 423 - 227,580
Charge for year 444 1 96 20,208
Eliminated on disposal - - - (4,244 )
At 31 May 2024 1,697 424 96 243,544
NET BOOK VALUE
At 31 May 2024 2,516 1 2,704 269,400
At 31 May 2023 2,960 2 - 293,434

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£ £
Trade debtors 171,146 172,696
Other debtors 72,858 12,349
244,004 185,045

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£ £
Bank loans and overdrafts 108,243 55,229
Hire purchase contracts and finance leases 11,664 13,310
Trade creditors 216,280 615,701
Taxation and social security 214,357 170,024
Other creditors 7,042 5,761
557,586 860,025

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£ £
Bank loans 67,187 52,216
Hire purchase contracts and finance leases 25,096 43,302
92,283 95,518

T & M Commercials Limited (Registered number: 03352891)

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


8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£ £
Bank overdrafts 40,592 33,565
Bank loans 134,838 73,880
Hire purchase contracts and finance leases 36,760 56,612
212,190 164,057

Hire purchase contracts are secured on the assets concerned.

Bank loans are secured on the Company's property.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year ended there was an overdrawn directors loan account of £45,553 in respect of cash advances made during the year.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
T & M Commercials Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of T & M Commercials Limited for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of T & M Commercials Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of T & M Commercials Limited and state those matters that we have agreed to state to the Board of Directors of T & M Commercials Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T & M Commercials Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that T & M Commercials 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 T & M Commercials Limited. You consider that T & M Commercials 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 T & M Commercials 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.






Kirk Hills Business Advisors
a trading name of RT Marke &
Co Chartered Accountants Ltd
5 Barnfield Crescent
Exeter
Devon
EX1 1QT


24 March 2025