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COMPANY REGISTRATION NUMBER: 07195823
Thurkettle Vehicle Engineers Ltd
Filleted Unaudited Financial Statements
30 September 2024
Thurkettle Vehicle Engineers Ltd
Officers and Professional Advisers
Director
S Thurkettle
Registered office
4 Rabans Close
Rabans Lane Industrial Area
Aylesbury
Bucks
HP19 8RS
Accountants
Warners
Chartered Accountants
3a The Wenta Business Centre
Colne Way
Watford
WD24 7ND
Thurkettle Vehicle Engineers Ltd
Balance Sheet
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
73,505
66,854
Current assets
Stocks
2,600
4,100
Debtors
6
32,338
31,424
Cash at bank and in hand
146,711
148,984
---------
---------
181,649
184,508
Creditors: amounts falling due within one year
7
80,749
79,905
---------
---------
Net current assets
100,900
104,603
---------
---------
Total assets less current liabilities
174,405
171,457
Provisions
Taxation including deferred tax
12,997
13,712
---------
---------
Net assets
161,408
157,745
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
161,308
157,645
---------
---------
Shareholders funds
161,408
157,745
---------
---------
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 profit and loss account has not been delivered.
For the year ending 30 September 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 16 June 2025 , and are signed on behalf of the board by:
S Thurkettle _______________ Director
Company registration number: 07195823
Thurkettle Vehicle Engineers Ltd
Notes to the Financial Statements
Year ended 30 September 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 4 Rabans Close, Rabans Lane Industrial Area, Aylesbury, Bucks, HP19 8RS.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the amount earned for work carried out during the year. It is measured at the fair value of the receivables for goods supplied and services rendered and takes account of the stage of completion of the work.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Computers
-
30% straight line
Office equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Garage equiment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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: 5 ).
5. Tangible assets
Computer equipment
Office equipment
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
4,850
6,686
64,835
62,793
139,164
Additions
658
16,525
8,844
26,027
Disposals
( 2,000)
( 2,000)
-------
-------
--------
--------
---------
At 30 September 2024
4,850
7,344
79,360
71,637
163,191
-------
-------
--------
--------
---------
Depreciation
At 1 October 2023
3,188
2,602
19,393
47,127
72,310
Charge for the year
666
1,087
12,436
4,788
18,977
Disposals
( 1,601)
( 1,601)
-------
-------
--------
--------
---------
At 30 September 2024
3,854
3,689
30,228
51,915
89,686
-------
-------
--------
--------
---------
Carrying amount
At 30 September 2024
996
3,655
49,132
19,722
73,505
-------
-------
--------
--------
---------
At 30 September 2023
1,662
4,084
45,442
15,666
66,854
-------
-------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
26,803
25,384
Prepayments and accrued income
5,535
6,040
--------
--------
32,338
31,424
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
26,101
32,069
Accruals and deferred income
4,713
3,227
Corporation tax
22,636
19,539
Social security and other taxes
21,744
17,709
Director loan accounts
4,633
6,742
Other creditors
922
619
--------
--------
80,749
79,905
--------
--------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
14,170
Later than 1 year and not later than 5 years
31,174
--------
--------
14,170
31,174
--------
--------
The above obligations at the balance sheet date are spread over approximately the next year (2023: 2 years).
9. Transactions with directors
During the year dividends totalling £65,000 (2023: £55,000) were paid to the director.