REGISTERED NUMBER: 04338134 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

TERENCE MICHAEL WILLEY & COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

T M Willey

M A Willey

SECRETARY:

Mrs A M Willey

REGISTERED OFFICE:

27a Cross Street

Ryde

Isle of Wight

PO33 2AA

REGISTERED NUMBER:

04338134 (England and Wales)

ACCOUNTANTS:

Bright Brown Limited

Chartered Accountants

Exchange House

St. Cross Lane

Newport

Isle of Wight

PO30 5BZ

FIXED ASSETS

Tangible assets

4

198,286

204,795

CURRENT ASSETS

Debtors

5

385,472

357,507

Cash at bank and in hand

173,003

142,456

558,475

499,963

CREDITORS

Amounts falling due within one year

6

122,298

106,338

NET CURRENT ASSETS

436,177

393,625

TOTAL ASSETS LESS CURRENT LIABILITIES

634,463

598,420

CREDITORS

Amounts falling due after more than one year

7

(1,775

)

(12,414

)

PROVISIONS FOR LIABILITIES

9

(2,413

)

(2,895

)

NET ASSETS

630,275

583,111

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

630,273

583,109

SHAREHOLDERS' FUNDS

630,275

583,111

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2025 and were signed on its behalf by:

T M Willey - Director

1.	STATUTORY INFORMATION

Terence Michael Willey & Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

20% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Client funds

Client funds managed by the company, including debtors, creditors and funds held in a designated client account, are not funds of the company and so are excluded from the balance sheet. The net balance, if any, owing to the company from client funds, or vice versa, is shown within debtors or creditors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2024 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

231,408

30,725

262,133

DEPRECIATION

At 1 April 2024

36,013

21,325

57,338

Charge for year

4,628

1,881

6,509

At 31 March 2025

40,641

23,206

63,847

NET BOOK VALUE

At 31 March 2025

190,767

7,519

198,286

At 31 March 2024

195,395

9,400

204,795

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

38,364

36,614

Amounts recoverable on contract

342,400

316,720

Other debtors

4,708

4,173

385,472

357,507

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

10,648

10,000

Taxation and social security

95,677

81,067

Other creditors

15,973

15,271

122,298

106,338

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

1,775

12,414

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

784

1,569

Between one and five years

-

784

784

2,353

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

2,413

2,895

Deferred

tax

£

Balance at 1 April 2024

2,895

Accelerated capital allowances

(482

)

Balance at 31 March 2025

2,413