Company registration number 13209216 (England and Wales)
TYNECASTLE TEAGUE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TYNECASTLE TEAGUE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TYNECASTLE TEAGUE LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
2,837,622
1,379,521
Cash at bank and in hand
57,779
7,407,187
2,895,401
8,786,708
Creditors: amounts falling due within one year
4
(2,169,088)
(7,930,102)
Net current assets
726,313
856,606
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
726,213
856,506
Total equity
726,313
856,606
For the financial year ended 30 September 2024 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 directors acknowledge their 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
Shane David Teague
Director
Company registration number 13209216 (England and Wales)
TYNECASTLE TEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Tynecastle Teague Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN and the principal place of business is 52-54 Dundas Street, Edinburgh, EH3 6QZ.
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 have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Going concern
Management truehas determined that there is no material uncertainty that casts doubt on the entity’s ability to continue as a going concern.
1.3
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.
Turnover represents income received from the sale of land and construction work carried out in the course of the year.
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 are recoverable.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
TYNECASTLE TEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,085,674
1,293,912
Corporation tax recoverable
36,766
Other debtors
715,182
85,609
2,837,622
1,379,521
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,580
573,176
Corporation tax
241,775
Other taxation and social security
66,720
Other creditors
2,100,788
7,115,151
2,169,088
7,930,102
Included in other creditors is an amount of £1,626,778 (2023:£7,113,938) due to S1 Developments Limited, a company also controlled by the two directors.
5
Ultimate controlling party
The company was controlled throughout the current and previous years by the directors by virtue of the fact that between them, they owned all of the company's issued share capital.
TYNECASTLE TEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
6
Related party transactions
During the year, the company received invoiced subcontracting services, at market value from S1 Developments Limited, totalling £15,616,880 (2023: £757,591), a company in which Shane David Teague and Daniel John Teague are also directors.