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REGISTERED NUMBER: 06681195 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2024

FOR

IE & TM SPEED LIMITED

IE & TM SPEED LIMITED (REGISTERED NUMBER: 06681195)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IE & TM SPEED LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2024







DIRECTORS: I E Speed
Mrs T M Speed
J D Speed





SECRETARY: I E Speed





REGISTERED OFFICE: High Street
Weaverham
Northwich
Cheshire
CW8 3HA





REGISTERED NUMBER: 06681195 (England and Wales)






IE & TM SPEED LIMITED (REGISTERED NUMBER: 06681195)

BALANCE SHEET
30TH SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 100,694 111,803

CURRENT ASSETS
Stocks 348,673 253,119
Debtors 5 68,756 50,450
Prepayments and accrued income 45,747 49,500
463,176 353,069
CREDITORS
Amounts falling due within one year 6 486,816 352,803
NET CURRENT (LIABILITIES)/ASSETS (23,640 ) 266
TOTAL ASSETS LESS CURRENT
LIABILITIES

77,054

112,069

CREDITORS
Amounts falling due after more than
one year

7

(27,449

)

(47,847

)

PROVISIONS FOR LIABILITIES (18,996 ) (21,242 )
NET ASSETS 30,609 42,980

IE & TM SPEED LIMITED (REGISTERED NUMBER: 06681195)

BALANCE SHEET - continued
30TH SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,003 1,003
Retained earnings 29,606 41,977
30,609 42,980

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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 17th February 2025 and were signed on its behalf by:





I E Speed - Director


IE & TM SPEED LIMITED (REGISTERED NUMBER: 06681195)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


1. STATUTORY INFORMATION

IE & TM Speed 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on reducing balance

STOCKS
Biological Assets

The class of biological assets within these financial statements are that of a herd of cattle and are valued using the cost model in accordance with FRS102.

IE & TM SPEED LIMITED (REGISTERED NUMBER: 06681195)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
FINANCIAL ASSETS

Trade, group and other debtors

Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

A provision for impairment of trade debtors is established where there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

FINANCIAL LIABILITIES

Trade, group and other creditors

Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Derecognition of financial assets and liabilities

A financial asset is only derecognised when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

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.

IE & TM SPEED LIMITED (REGISTERED NUMBER: 06681195)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st October 2023
and 30th September 2024 204,348
DEPRECIATION
At 1st October 2023 92,545
Charge for year 11,109
At 30th September 2024 103,654
NET BOOK VALUE
At 30th September 2024 100,694
At 30th September 2023 111,803

IE & TM SPEED LIMITED (REGISTERED NUMBER: 06681195)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
30.9.24 30.9.23
£    £   
Trade debtors 66,062 49,726
Other debtors 2,694 724
68,756 50,450

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 147,279 159,161
Hire purchase contracts 20,226 30,993
Trade creditors 47,430 33,647
Taxation and social security - 17
Other creditors 271,881 128,985
486,816 352,803

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans 27,449 47,847

IE & TM SPEED LIMITED (REGISTERED NUMBER: 06681195)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank overdrafts 147,279 159,161
Bank loans 27,449 47,847
Hire purchase contracts 20,226 30,993
194,954 238,001

The hire purchase debt is secured by the assets held on finance.

HSBC have a fixed and floating charge on all assets.