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Registered number: 05138328
Town & Country Interiors (East Anglia) Limited
Financial Statements
For The Year Ended 31 October 2024
Applewood LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05138328
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 39,187 39,004
39,187 39,004
CURRENT ASSETS
Stocks 5 500 500
Debtors 6 36,337 46,493
Cash at bank and in hand 216,949 159,939
253,786 206,932
Creditors: Amounts Falling Due Within One Year 7 (124,245 ) (150,984 )
NET CURRENT ASSETS (LIABILITIES) 129,541 55,948
TOTAL ASSETS LESS CURRENT LIABILITIES 168,728 94,952
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (8,621 ) (8,581 )
NET ASSETS 160,107 86,371
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 160,007 86,271
SHAREHOLDERS' FUNDS 160,107 86,371
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Sheridan Gibson
Director
21/02/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Town & Country Interiors (East Anglia) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05138328 . The registered office is 15 Gainsborough Street, Sudbury, Suffolk, CO10 2EU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing basis
Motor Vehicles 25% reducing basis
Computer Equipment 50% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
Building Services 6 7
7 8
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 November 2023 4,413 73,034 77,447
Additions 5,222 19,000 24,222
Disposals - (22,714 ) (22,714 )
As at 31 October 2024 9,635 69,320 78,955
Depreciation
As at 1 November 2023 4,182 34,261 38,443
Provided during the period 1,820 15,182 17,002
Disposals - (15,677 ) (15,677 )
As at 31 October 2024 6,002 33,766 39,768
Net Book Value
As at 31 October 2024 3,633 35,554 39,187
As at 1 November 2023 231 38,773 39,004
5. Stocks
2024 2023
£ £
Materials 500 500
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,684 29,552
Amounts recoverable on contracts 5,822 7,522
Prepayments and accrued income 14,831 8,859
Other debtors - 560
36,337 46,493
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 29,228 47,223
Bank loans and overdrafts - 650
Corporation tax 37,476 26,609
Other taxes and social security 894 1,275
VAT 51,439 64,452
CIS due 2,349 3,588
Accruals and deferred income 2,100 6,773
Director's loan account 759 414
124,245 150,984
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 8,621 8,581
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr Sheridan Gibson 414 652 307 - 759
The above loan is unsecured.
11. Ultimate Controlling Party
The company's ultimate controlling party is S E Gibson by virtue of his ownership of 100% of the issued share capital in the company.
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