Registered number
02864691
TOTAL PRODUCT SUPPLIES LIMITED
Filleted Accounts
30 November 2024
TOTAL PRODUCT SUPPLIES LIMITED
Registered number: 02864691
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,035 4,755
Current assets
Stocks 900 900
Debtors 4 17,619 24,704
Cash at bank and in hand 26,905 26,391
45,424 51,995
Creditors: amounts falling due within one year 5 (49,064) (56,388)
Net current liabilities (3,640) (4,393)
Net assets 395 362
Capital and reserves
Called up share capital 4 4
Profit and loss account 391 358
Shareholders' funds 395 362
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R.W. Futcher
Director
Approved by the board on 23 August 2025
TOTAL PRODUCT SUPPLIES LIMITED
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2023 10,994 22,770 33,764
At 30 November 2024 10,994 22,770 33,764
Depreciation
At 1 December 2023 10,858 18,151 29,009
Charge for the year 27 693 720
At 30 November 2024 10,885 18,844 29,729
Net book value
At 30 November 2024 109 3,926 4,035
At 30 November 2023 136 4,619 4,755
4 Debtors 2024 2023
£ £
Trade debtors 8,090 11,475
Amounts owed by group undertakings and undertakings in which the company has a participating interest 7,201 10,901
Other debtors 2,328 2,328
17,619 24,704
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 32,596 35,769
Trade creditors 13,321 31,567
Directors loan account (4,592) (15,694)
Corporation Tax 528 472
Value Added Tax 1,603 (792)
Other creditors 5,608 5,066
49,064 56,388
6 Other information
TOTAL PRODUCT SUPPLIES LIMITED is a private company limited by shares and incorporated in England.
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