Company Registration No. 10972717 (England and Wales)
TEC Building and Timber Ltd
Unaudited accounts
for the year ended 30 September 2024
TEC Building and Timber Ltd
Unaudited accounts
Contents
TEC Building and Timber Ltd
Statement of financial position
as at 30 September 2024
Tangible assets
297,688
109,919
Investments
112,225
112,225
Inventories
17,198
535,265
Cash at bank and in hand
379,139
135,976
Creditors: amounts falling due within one year
(232,010)
(313,029)
Net current assets
314,213
410,354
Total assets less current liabilities
724,126
632,498
Creditors: amounts falling due after more than one year
(30,093)
(49,945)
Provisions for liabilities
Deferred tax
(23,112)
(26,652)
Net assets
670,921
555,901
Called up share capital
620
620
Profit and loss account
670,301
555,281
Shareholders' funds
670,921
555,901
For the year ending 30 September 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 25 March 2025 and were signed on its behalf by
Mr S Edwards
Director
Company Registration No. 10972717
TEC Building and Timber Ltd
Notes to the Accounts
for the year ended 30 September 2024
TEC Building and Timber Ltd is a private company, limited by shares, registered in England and Wales, registration number 10972717. The registered office is 2 Bailey Hill, Castle Cary, Somerset, BA7 7AD.
2
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 as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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:
Plant & machinery
Depreciated at 25% reducing balance
Computer equipment
Depreciated at 33% Straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
TEC Building and Timber Ltd
Notes to the Accounts
for the year ended 30 September 2024
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Investments in shares are included at fair value.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 October 2023
-
43,843
127,160
631
171,634
Additions
202,523
2,305
-
-
204,828
At 30 September 2024
202,523
46,148
127,160
631
376,462
At 1 October 2023
-
31,115
30,084
516
61,715
Charge for the year
-
3,347
13,597
115
17,059
At 30 September 2024
-
34,462
43,681
631
78,774
At 30 September 2024
202,523
11,686
83,479
-
297,688
At 30 September 2023
-
12,728
97,076
115
109,919
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
74,979
85,576
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Investments
Subsidiary undertakings
Valuation at 1 October 2023
112,225
Valuation at 30 September 2024
112,225
Amounts falling due within one year
Trade debtors
145,988
18,305
Amounts due from group undertakings etc.
-
30,352
Accrued income and prepayments
3,898
3,485
TEC Building and Timber Ltd
Notes to the Accounts
for the year ended 30 September 2024
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
9,852
13,414
Trade creditors
72,024
79,715
Amounts owed to group undertakings and other participating interests
253
-
Taxes and social security
75,610
16,704
Loans from directors
10,852
151,970
The hire purchase contracts are secured on the assets concerned.
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
17,593
27,445
The hire purchase contracts are secured on the assets concerned.
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Deferred taxation
2024
2023
Accelerated capital allowances
23,112
26,652
Provision at start of year
26,652
16,679
(Credited)/charged to the profit and loss account
(3,540)
9,973
Provision at end of year
23,112
26,652
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Transactions with related parties
During the year the company purchased a commercial property from its directors. The transaction was carried out at market value.
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Average number of employees
During the year the average number of employees was 6 (2023: 6).