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Company registration number: 13260718
Team Valley Commercials Limited
Pages for filing with Registrar
31 March 2025
Team Valley Commercials Limited
Contents
Statement of financial position
Notes to the financial statements
Team Valley Commercials Limited
Statement of financial position
31 March 2025
2025 2024
Note £ £ £ £
Current assets
Stocks 18,074 4,100
Debtors 5 1,346 3,000
Cash at bank and in hand 588 1,218
_______ _______
20,008 8,318
Creditors: amounts falling due
within one year 6 ( 5,118) ( 4,971)
_______ _______
Net current assets 14,890 3,347
_______ _______
Total assets less current liabilities 14,890 3,347
Creditors: amounts falling due
after more than one year 7 ( 14,252) -
_______ _______
Net assets 638 3,347
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 538 3,247
_______ _______
Shareholders funds 638 3,347
_______ _______
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act 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 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.
These financial statements were approved by the board of directors and authorised for issue on 27 June 2025 , and are signed on behalf of the board by:
G Donnelly
Director
Company registration number: 13260718
Team Valley Commercials Limited
Notes to the financial statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 320i Mayoral Way, Team Valley Trading Estate, Gateshead, NE11 0RT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).
5. Debtors
2025 2024
£ £
Other debtors 1,346 3,000
_______ _______
6. Creditors: amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts 4,012 -
Trade creditors - 6
Corporation tax - 66
Social security and other taxes 111 124
Other creditors 995 4,775
_______ _______
5,118 4,971
_______ _______
7. Creditors: amounts falling due after more than one year
2025 2024
£ £
Bank loans and overdrafts 14,252 -
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2025
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
G Donnelly ( 1,893) ( 3,291) 5,857 673
P Donnelly ( 1,893) ( 3,291) 5,857 673
_______ _______ _______ _______
( 3,786) ( 6,582) 11,714 1,346
_______ _______ _______ _______
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
G Donnelly - - - -
P Donnelly - - - -
_______ _______ _______ _______