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Registration number: 02977697

Teemans Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Teemans Limited

(Registration number: 02977697)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,024,416

2,274,104

Investments

5

1

70,727

 

2,024,417

2,344,831

Current assets

 

Stocks

6

138,454

294,244

Debtors

7

415,946

544,981

Cash at bank and in hand

 

165,529

139,952

 

719,929

979,177

Creditors: Amounts falling due within one year

8

(615,455)

(1,167,523)

Net current assets/(liabilities)

 

104,474

(188,346)

Total assets less current liabilities

 

2,128,891

2,156,485

Creditors: Amounts falling due after more than one year

8

(42,124)

(447,350)

Provisions for liabilities

(289,712)

(255,501)

Net assets

 

1,797,055

1,453,634

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

1,796,955

1,453,534

Shareholders' funds

 

1,797,055

1,453,634

 

Teemans Limited

(Registration number: 02977697)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 April 2025
 


Mr C J Leaning
Director

   
 

Teemans Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Woodhouse Road
Scunthorpe
North Lincolnshire
DN16 1BD

 

Registration number: 02977697

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grant income relating to revenue is recognised on an accruals basis. Income is recognised on a
systematic basis over the periods in which the entity recognises the related costs for which the grant
is intended to compensate. A grant that becomes receivable as compensation for expenses or losses
already incurred, or for the purpose of giving immediate financial support with no future relared costs,
is recognised as income in the period in which it becomes receivable.

 

Teemans Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% per annum on cost

Furniture, fittings and equipment

15% per annum on written down value

Motor vehicles

25% per annum on written down value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Teemans Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Teemans Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 25 (2023 - 22).

 

Teemans Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

1,626,530

1,240,539

122,390

2,989,459

Additions

-

278,548

-

278,548

Disposals

(443,501)

-

(40,545)

(484,046)

At 31 October 2024

1,183,029

1,519,087

81,845

2,783,961

Depreciation

At 1 November 2023

60,745

621,182

33,428

715,355

Charge for the year

-

112,624

21,128

133,752

Eliminated on disposal

(60,745)

-

(28,817)

(89,562)

At 31 October 2024

-

733,806

25,739

759,545

Carrying amount

At 31 October 2024

1,183,029

785,281

56,106

2,024,416

At 31 October 2023

1,565,785

619,357

88,962

2,274,104

5

Investments

Investments
£

Total
£

Cost or valuation

At 1 November 2023

70,727

70,727

At 31 October 2024

70,727

70,727

Impairment

Adjustments

70,726

70,726

At 31 October 2024

70,726

70,726

Carrying amount

At 31 October 2024

1

1

 

Teemans Limited

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

6

Stocks

2024
£

2023
£

Work in progress

138,328

294,118

Stock

126

126

138,454

294,244

7

Debtors

2024
£

2023
£

Trade debtors

374,965

531,437

Other debtors

40,981

13,544

415,946

544,981

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

11,101

54,621

Trade creditors

 

308,880

560,937

Social security and other taxes

 

133,262

97,984

Other creditors

 

162,212

453,981

 

615,455

1,167,523

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

42,124

447,350

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured on the assets of the company.

 

Teemans Limited

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

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank loan

-

43,520

Hire purchase contracts

11,101

11,101

11,101

54,621

Non-current loans and borrowings

2024
£

2023
£

Bank loan

-

394,125

Hire purchase contracts

42,124

53,225

42,124

447,350

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

11

Related party transactions

Summary of transactions with entities with joint control or significant interest

Teemans Middle East FZE (a company controlled by the director)

During the year the company purchased services of £Nil - (2023 - £Nil) from, and made sales of £46,460 (2023 - £275,324) to Teemans Middle East FZE. At the balance sheet date the company owed £40,466 (2023 - £160,466) to Teemans Middle East FZE.