THAMES VALLEY SAW SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
Company Registration Number: 01588113
THAMES VALLEY SAW SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
THAMES VALLEY SAW SERVICES LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024
DIRECTORS
Mr J J Ridgley
Mr N S Muttram
Mr D J L Mizen
Mr M G Aust
Mrs L M Ridgley
appointed 14 February 2025
SECRETARY
Mr J J Ridgley
REGISTERED OFFICE
Gravel Lane
Drayton
Nr Abingdon
Oxfordshire
OX14 4HY
COMPANY REGISTRATION NUMBER
01588113 England and Wales
THAMES VALLEY SAW SERVICES LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 61,564 78,393
CURRENT ASSETS
Stock 129,207 150,201
Debtors 6 294,185 295,093
Cash at bank and in hand 29,413 56,860
452,805 502,154
CREDITORS: Amounts falling due within one year 7 290,451 278,849
NET CURRENT ASSETS 162,354 223,305
TOTAL ASSETS LESS CURRENT LIABILITIES 223,918 301,698
CREDITORS: Amounts falling due after more than one year 8 14,700 25,847
Provisions for liabilities and charges 15,391 19,599
NET ASSETS 193,827 256,252
CAPITAL AND RESERVES
Called up share capital 4,001 4,001
Distributable profit and loss account 189,826 252,251
SHAREHOLDERS' FUNDS 193,827 256,252
THAMES VALLEY SAW SERVICES LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mr J J Ridgley
Director
Date approved by the board: 15 May 2025
THAMES VALLEY SAW SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1 GENERAL INFORMATION
Thames Valley Saw Services Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Gravel Lane
Drayton
Nr Abingdon
Oxfordshire
OX14 4HY
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of goods sold and repair services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Plant and machinery Reducing balance basis at 15% per annum
Motor vehicles Reducing balance basis at 25% per annum
Office equipment Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
THAMES VALLEY SAW SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
THAMES VALLEY SAW SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
The company has entered into some hire purchase agreements for certain assets that include the option to purchase the items at the end of the lease term for a nominal amount, which is expected to be much lower than their fair value at that date. The hire purchase agreements have been classified as finance leases as it is reasonably certain that the option will be exercised.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
THAMES VALLEY SAW SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
Provisions
A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use is recognised. The provision is measured at the salary cost payable for the period of absence.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
THAMES VALLEY SAW SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 22 22
5 TANGIBLE ASSETS
Plant and machinery Motor vehicles Office equipment Total
£ £ £ £
Cost
At 1 September 2023 853,256 96,851 40,481 990,588
At 31 August 2024 853,256 96,851 40,481 990,588
Accumulated depreciation and impairments
At 1 September 2023 825,567 49,827 36,801 912,195
Charge for year 4,153 11,756 920 16,829
At 31 August 2024 829,720 61,583 37,721 929,024
Net book value
At 1 September 2023 27,689 47,024 3,680 78,393
At 31 August 2024 23,536 35,268 2,760 61,564
6 DEBTORS
2024 2023
£ £
Trade debtors 209,769 229,780
Prepayments and accrued income 4,985 4,977
Other debtors 79,431 60,336
294,185 295,093
THAMES VALLEY SAW SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 111,930 98,004
Trade creditors 100,050 106,366
Taxation and social security 52,034 55,103
Hire purchase contracts and finance leases 11,147 11,147
Accruals and deferred income 12,276 8,229
Other creditors 3,014 -
290,451 278,849
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts and finance leases 14,700 25,847
9 SECURED DEBTS
The company has a Confidential Invoice Discounting facility with Lloyds TSB Commercial Finance Limited which is secured by an all assets debenture on the assets of the company.
The hire purchase contracts and finance leases are secured on the assets concerned.
10 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2024 2023
£ £
In less than one year 23,000 24,020
In more than one but less than five years 5,750 28,750
28,750 52,770
11 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 September 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 August 2024
£ £ £ £ £
Mr J J Ridgley 4,672 - - - 4,672
This advance is interest free and repayable on demand.
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