Teal Patents Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03212208 (England and Wales)

Unaudited Financial Statements for the Year Ended 30th June 2020

for

TEAL PATENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M L Stanley

C S Whieldon

A D May

C H May

Miss S J Stanley

REGISTERED OFFICE:

Unit 2

Waterloo Avenue

Chelmsley Wood Industrial Estate

Birmingham

West Midlands

B37 6QQ

REGISTERED NUMBER:

03212208 (England and Wales)

ACCOUNTANTS:

Hayward Wright Ltd

4 Clews Road

Redditch

Worcestershire

B98 7ST

FIXED ASSETS

Tangible assets

4

7,541

9,427

CURRENT ASSETS

Stocks

243,466

257,325

Debtors

5

368,243

285,466

Cash at bank and in hand

1,250,071

824,694

1,861,780

1,367,485

CREDITORS

Amounts falling due within one year

6

895,210

438,597

NET CURRENT ASSETS

966,570

928,888

TOTAL ASSETS LESS CURRENT LIABILITIES

974,111

938,315

PROVISIONS FOR LIABILITIES

5,546

17,684

NET ASSETS

968,565

920,631

CAPITAL AND RESERVES

Called up share capital

8

11,000

11,000

Retained earnings

957,565

909,631

SHAREHOLDERS' FUNDS

968,565

920,631

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2020 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 2nd March 2021 and were signed on its behalf by:

Miss S J Stanley - Director

C S Whieldon - Director

1.	STATUTORY INFORMATION

Teal Patents 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.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2019 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st July 2019

and 30th June 2020

112,137

DEPRECIATION

At 1st July 2019

102,710

Charge for year

1,886

At 30th June 2020

104,596

NET BOOK VALUE

At 30th June 2020

7,541

At 30th June 2019

9,427

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

311,714

236,009

Other debtors

56,529

49,457

368,243

285,466

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

228,647

118,814

Taxation and social security

314,389

167,900

Other creditors

352,174

151,883

895,210

438,597

7.	LEASING AGREEMENTS

At the reporting end date the company had outstanding commitments for future lease payments under a non-cancellable lease for the property of £37,415 in year 1and £38,801 each year for the next 3 years to the end of the lease giving a total commitment of £153,818.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

5,500

Ordinary

£1

5,500

5,500

3,000

Ordinary B

£1

3,000

3,000

1,000

Ordinary C

£1

1,000

1,000

1,500

Ordinary D

£1

1,500

1,500

11,000

11,000

9.	RELATED PARTY DISCLOSURES

The company conducted trade on normal commercial terms with Elmar Commercial Services Limited, a company in which two of the directors, Mr A D May and Mr C H May, had a material interest. The company paid Elmar Commercial Services Limited an amount of £5400 during the year for consultancy charges.

Mr M Stanley, a director, was paid dividends of £329,900 in the year.

Mr C S Whieldon, a director, was paid dividends of £239,968 in the year.

Elmar Commercial Services Limited, a company in which two of the directors, Mr A D May and Mr C H May, had a material interest, was paid dividends of £150,000 in the year.

Mr M Stanley, a director, was owed £180,307 by the company at the year end.

Mr C S Whieldon, a director, was owed £69,515 by the company at the year end.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr M L Stanley, a director, by virtue of his ownership of 54.5% of the issued ordinary share capital of the company.