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COMPANY REGISTRATION NUMBER: 10210827
TURNER EVANS STEVENS (HORNCASTLE) LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
TURNER EVANS STEVENS (HORNCASTLE) LTD
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
CURRENT ASSETS
Debtors
5
168,695
122,748
Cash at bank and in hand
25,160
---------
---------
168,695
147,908
CREDITORS: amounts falling due within one year
6
61,410
47,333
---------
---------
NET CURRENT ASSETS
107,285
100,575
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
107,285
100,575
CREDITORS: amounts falling due after more than one year
7
20,992
66,792
---------
---------
NET ASSETS
86,293
33,783
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
86,193
33,683
--------
--------
SHAREHOLDERS FUNDS
86,293
33,783
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 November 2024 , and are signed on behalf of the board by:
Mr M J Noonan
Director
Company registration number: 10210827
TURNER EVANS STEVENS (HORNCASTLE) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 East Street, Horncastle, Lincolnshire, LN9 6AZ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. DEBTORS
2024
2023
£
£
Trade debtors
74,732
48,997
Other debtors
93,963
73,751
---------
---------
168,695
122,748
---------
---------
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
25,465
Trade creditors
342
Corporation tax
31,549
36,046
Social security and other taxes
3,154
8,572
Other creditors
900
2,715
--------
--------
61,410
47,333
--------
--------
7. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,992
66,792
--------
--------
8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr M J Noonan
55,368
15,402
70,770
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr M J Noonan
111,976
( 56,608)
55,368
---------
--------
--------
9. RELATED PARTY TRANSACTIONS
The company was under the control of Mr M J Noonan throughout the current and previous year. Mr M J Noonan is the managing director and majority shareholder.