Registered number
12662860
T Y Online Limited
Filleted Accounts
30 June 2024
T Y Online Limited
Registered number: 12662860
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 24,222 25,306
Current assets
Debtors 4 76,013 147,105
Cash at bank and in hand 434,486 637,263
510,499 784,368
Creditors: amounts falling due within one year 5 (45,630) (149,303)
Net current assets 464,869 635,065
Net assets 489,091 660,371
Capital and reserves
Called up share capital 4 4
Profit and loss account 489,087 660,367
Shareholders' funds 489,091 660,371
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R. Truscott
Director
Approved by the board on 27 November 2024
T Y Online Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 45,100
Additions 6,991
At 30 June 2024 52,091
Depreciation
At 1 July 2023 19,794
Charge for the year 8,075
At 30 June 2024 27,869
Net book value
At 30 June 2024 24,222
At 30 June 2023 25,306
4 Debtors 2024 2023
£ £
Trade debtors 73,188 147,105
Other debtors 2,825 -
76,013 147,105
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 18,084 14,755
Taxation and social security costs 23,809 131,436
Other creditors 3,737 3,112
45,630 149,303
6 Related party transactions
The company paid £32,250 (2023 £43,992) for studio hire to Richard Truscott Photography Limited, a company in which one of the directors has an interest.
Dividends amounting to £161,200 were payable to the directors.
7 Controlling party
The company is controlled by the directors and members I. Harrison and R. Truscott.
8 Other information
T Y Online Limited is a private company limited by shares and incorporated in England. Its registered office is:
Tuckers Yard
312b Kingston Road
London
SW20 8LX
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