REGISTERED NUMBER: SC292238 (Scotland)

Ternion Joinery Limited

Unaudited Financial Statements

for the period

28th December 2023 to 26th December 2024

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

8

Directors:

N M Rose

A N McAdam

Secretary:

A N McAdam

Registered office:

28a St John Street

Galashiels

Selkirkshire

TD1 3JX

Registered number:

SC292238 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

54,997

15,335

54,997

15,335

Current assets

Stocks

3,000

3,000

Debtors

6

217,122

316,186

Cash at bank

1,463

9,913

221,585

329,099

Creditors

Amounts falling due within one year

7

224,521

300,778

Net current (liabilities)/assets

(2,936

)

28,321

Total assets less current liabilities

52,061

43,656

Creditors

Amounts falling due after more than one year

8

(23,978

)

(16,514

)

Provisions for liabilities

(10,418

)

(3,117

)

Net assets

17,665

24,025

Capital and reserves

Called up share capital

200

200

Retained earnings

17,465

23,825

Shareholders' funds

17,665

24,025

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 26th December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 26th December 2024 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10th December 2025 and were signed on its behalf by:

A N McAdam - Director

1.	Statutory information

Ternion Joinery Limited is a private company, limited by shares , registered in Scotland. 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 represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, has been fully amortised over its estimated useful life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Tools and equipment

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, hire purchase contracts, bank loans, other loans, bank overdrafts and directors' loans.

Hire purchase contracts and bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, trade creditors, accruals, other loans and bank overdrafts are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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 period 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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

Going concern

The directors have considered the company's financial position for a period of 12 months and beyond from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the period was 3 (2023 - 3 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 28th December 2023

and 26th December 2024

38,000

Amortisation

At 28th December 2023

and 26th December 2024

38,000

Net book value

At 26th December 2024

-

At 27th December 2023

-

5.	Tangible fixed assets

Tools and

Motor

Office

equipment

vehicles

equipment

Totals

£

£

£

£

Cost

At 28th December 2023

19,336

40,680

388

60,404

Additions

4,983

40,439

-

45,422

At 26th December 2024

24,319

81,119

388

105,826

Depreciation

At 28th December 2023

12,149

32,580

340

45,069

Charge for period

958

4,754

48

5,760

At 26th December 2024

13,107

37,334

388

50,829

Net book value

At 26th December 2024

11,212

43,785

-

54,997

At 27th December 2023

7,187

8,100

48

15,335

6.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

141,812

164,822

Amounts recoverable on contract

13,267

69,532

Other debtors

62,043

81,832

217,122

316,186

7.

Creditors: amounts falling due within one year

2024

2023

£

£

Bank loans and overdrafts

68,668

72,120

Hire purchase contracts

4,431

-

Trade creditors

81,741

129,861

Taxation and social security

60,904

87,053

Other creditors

8,777

11,744

224,521

300,778

8.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Bank loans

6,160

16,514

Hire purchase contracts

17,818

-

23,978

16,514

9.	Secured debts

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

58,314

62,022

Bank loans

16,514

26,612

Hire purchase contracts

22,249

-

97,077

88,634

The bank holds a bond and floating charge over all the assets of the company.

Hire purchase contracts are secured against the assets to which they relate.

10.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the periods ended 26th December 2024 and 27th December 2023:

2024

2023

£

£

Director 1

Balance outstanding at start of year

19,874

19,894

Amounts advanced

21,755

22,431

Amounts repaid

(33,094

)

(22,451

)

Balance outstanding at end of year

8,535

19,874

£

£

Director 2

Balance outstanding at start of year

40,818

40,484

Amounts advanced

21,325

22,842

Amounts repaid

(33,150

)

(22,508

)

Balance outstanding at end of year

28,993

40,818

These loans are unsecured and repayable on demand. Interest is charged by the company at the official rate published by HMRC.

11.	Post balance sheet events

Since the year end, on 24th September 2025, an interim dividend for the year ending 26th December 2025 of £100 per share has been declared.