Company Registration No. 03587155 (England and Wales)
THE TEX SERVICES GROUP LTD
Unaudited accounts
for the year ended 31 October 2024
THE TEX SERVICES GROUP LTD
Unaudited accounts
Contents
THE TEX SERVICES GROUP LTD
Company Information
for the year ended 31 October 2024
Company Number
03587155 (England and Wales)
Registered Office
Unit 2-3
Junction 30 Business Park
Ouzlewell Green
Wakefield
WF3 3QW
United Kingdom
Accountants
Woolley & Co - Accountants and Chartered Tax Advisors
Crown House, York Road
Shiptonthorpe
York
East Yorkshire
YO43 3PF
THE TEX SERVICES GROUP LTD
Statement of financial position
as at 31 October 2024
Tangible assets
840,935
382,678
Investment property
450,000
380,000
Inventories
405,000
364,750
Debtors
1,194,433
1,075,769
Cash at bank and in hand
855,078
831,123
Creditors: amounts falling due within one year
(850,888)
(768,420)
Net current assets
1,603,623
1,503,222
Total assets less current liabilities
2,894,558
2,265,900
Creditors: amounts falling due after more than one year
(1,111,346)
(914,065)
Provisions for liabilities
Deferred tax
(158,435)
(41,753)
Net assets
1,624,777
1,310,082
Called up share capital
250
250
Revaluation reserve
70,000
-
Profit and loss account
1,554,527
1,309,832
Shareholders' funds
1,624,777
1,310,082
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2025 and were signed on its behalf by
A Exley
Director
Company Registration No. 03587155
THE TEX SERVICES GROUP LTD
Notes to the Accounts
for the year ended 31 October 2024
THE TEX SERVICES GROUP LTD is a private company, limited by shares, registered in England and Wales, registration number 03587155. The registered office is Unit 2-3, Junction 30 Business Park, Ouzlewell Green, Wakefield, WF3 3QW, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on a reducing balance
Motor vehicles
25% on a reducing balance
Computer equipment
30% on a reducing balance
Investment properties is included at fair market value. Gains/(losses) on the revaluation are recognised in the income statement. Deferred taxation is provided on these gains/(losses) at the rate expected to apply when the property is sold.
The carrying value is based on the directors' valuations as at the year end.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
THE TEX SERVICES GROUP LTD
Notes to the Accounts
for the year ended 31 October 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2023
406,280
763,613
31,884
1,201,777
Additions
15,877
628,561
-
644,438
Disposals
-
(58,500)
-
(58,500)
At 31 October 2024
422,157
1,333,674
31,884
1,787,715
At 1 November 2023
223,452
574,840
20,807
819,099
Charge for the year
39,741
104,727
3,323
147,791
On disposals
-
(20,110)
-
(20,110)
At 31 October 2024
263,193
659,457
24,130
946,780
At 31 October 2024
158,964
674,217
7,754
840,935
At 31 October 2023
182,828
188,773
11,077
382,678
Fair value at 1 November 2023
380,000
Net gain from fair value adjustments
70,000
At 31 October 2024
450,000
The director has stated that the current market value of the property is £450,000 (2023 : £380,000) as at the period end. The valuation has not been verified by a professional valuer.
Amounts falling due within one year
Trade debtors
1,022,766
914,937
Accrued income and prepayments
31,404
20,569
Other debtors
140,263
140,263
THE TEX SERVICES GROUP LTD
Notes to the Accounts
for the year ended 31 October 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
42,756
42,756
Obligations under finance leases and hire purchase contracts
224,623
57,284
Trade creditors
265,814
323,460
Taxes and social security
61,365
149,221
Other creditors
73,366
25,631
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
683,480
768,992
Obligations under finance leases and hire purchase contracts
427,866
145,073
The loans are secured over properties held by the director and also the investment property held by the company.
Allotted, called up and fully paid:
50 Ordinary shares A of £1 each
50
50
100 Ordinary shares B of £1 each
100
100
100 Ordinary shares C of £1 each
100
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
The loan will be repaid in full within 9 months of the year end 31 October 2024.
11
Transactions with related parties
The company rents premises that is owned by the director. During the period, rent was charged of £38,500 (2023 - £42,000). The amount of rent is determined on the open market valuations.
12
Average number of employees
During the year the average number of employees was 40 (2023: 47).