Company registration number 11766069 (England and Wales)
TLT Groundworks Ltd
Unaudited financial statements
For the year ended 31 January 2025
TLT Groundworks Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
TLT Groundworks Ltd
Statement of financial position
As at 31 January 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,678
23,679
Current assets
Debtors
4
22,175
9,221
Cash at bank and in hand
292
5,947
22,467
15,168
Creditors: amounts falling due within one year
5
(34,367)
(33,643)
Net current liabilities
(11,900)
(18,475)
Total assets less current liabilities
4,778
5,204
Creditors: amounts falling due after more than one year
6
(733)
(4,851)
Provisions for liabilities
(3,200)
Net assets
845
353
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
745
253
Total equity
845
353
TLT Groundworks Ltd
Statement of financial position (continued)
As at 31 January 2025
31 January 2025
- 2 -
For the financial year ended 31 January 2025 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 of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 16 April 2025
Mr T L Taylor
Director
Company registration number 11766069 (England and Wales)
TLT Groundworks Ltd
Notes to the financial statements
For the year ended 31 January 2025
- 3 -
1
Accounting policies
Company information
TLT Groundworks Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 17 Knowles View, Talke, Stoke on Trent, Staffordshire, ST7 1GH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on reducing balance
Computers
33% on cost
Motor vehicles
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use.
TLT Groundworks Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
TLT Groundworks Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2024 and 31 January 2025
30,200
791
17,800
48,791
Depreciation and impairment
At 1 February 2024
13,392
561
11,159
25,112
Depreciation charged in the year
3,362
230
3,409
7,001
At 31 January 2025
16,754
791
14,568
32,113
Carrying amount
At 31 January 2025
13,446
3,232
16,678
At 31 January 2024
16,808
230
6,641
23,679
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
12,000
Other debtors
10,175
9,221
22,175
9,221
TLT Groundworks Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
2,200
3,000
Trade creditors
16,717
14,758
Taxation and social security
12,719
8,695
Other creditors
2,731
7,190
34,367
33,643
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
733
2,077
Other creditors
2,774
733
4,851
7
Security
Amounts due under finance leases and hire purchase contracts of £639 (2024 - £6,157) are secured against the assets which they relate to.
8
Directors' transactions
The advance is unsecured, repayable on demand and interest is charged at HMRC's official rate of interest per annum, where the balance exceeds £10,000. The balance is included in other debtors.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors Loan Account
2.25
8,394
50,494
269
(48,981)
10,176
8,394
50,494
269
(48,981)
10,176