Tarrant Valley Interiors Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04531990 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

TARRANT VALLEY INTERIORS LTD

Page

Balance sheet

1

Notes to the financial statements

2

Fixed assets

Tangible assets

4

2,260

3,012

Current assets

Stock and work in progress

1,750

3,833

Debtors

5

1,020

-

Cash at bank

2,420

6,044

5,190

9,877

Creditors

Amounts falling due within one year

6

14,094

22,317

Net current liabilities

(8,904

)

(12,440

)

Total assets less current liabilities

(6,644

)

(9,428

)

Creditors

Amounts falling due after more than one year

7

14,105

-

Net liabilities

(20,749

)

(9,428

)

Capital and reserves

Called up share capital

8

2

2

Retained earnings

(20,751

)

(9,430

)

Shareholders' funds

(20,749

)

(9,428

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2022 and were signed on its behalf by:

Mr R Tower - Director

1.	Statutory information

Tarrant Valley Interiors Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04531990. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is 7 Old Manor Farm, Hinton Martell, Wimborne, Dorset, BH21 7HR.

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.

The company made a loss of £11,321 during the year, and had a deficiency of assets at the year end of £20,749. The company is dependent upon the continued support of its directors. The directors have agreed to support the company over the next 12 months in order that it can meet its day to day working capital requirements.

Turnover

Turnover represents amounts receivable, excluding value added tax, in respect of services provided in the ordinary course of business. Turnover is recognised as soon as the service has been provided to the customer.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Government grants

Using the accrual basis government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants which become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Stocks

Stock and Work In Progress are valued at the lower of cost and net realisable value.

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 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.

Financial instruments

Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 3 (2020 - 2 ) .

4.	Tangible fixed assets

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 November 2020

and 31 October 2021

1,761

950

8,865

598

12,174

Depreciation

At 1 November 2020

1,626

945

6,060

531

9,162

Charge for year

33

1

701

17

752

At 31 October 2021

1,659

946

6,761

548

9,914

Net book value

At 31 October 2021

102

4

2,104

50

2,260

At 31 October 2020

135

5

2,805

67

3,012

5.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

1,020

-

6.

Creditors: amounts falling due within one year

2021

2020

£

£

Bank loans and overdrafts

2,895

-

Social security and other taxes

3,584

1,749

VAT

2,930

2,738

Other creditors

2,384

2,834

Directors' current accounts

760

13,531

Accruals and deferred income

1,541

1,465

14,094

22,317

7.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Bank loans - 1-2 years

3,265

-

Bank loans - 2-5 years

10,535

-

Bank loans more 5 yr by instal

305

-

14,105

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

305

-

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2

Ordinary

£1

2

2

9.	Ultimate controlling party

Mr R Tower owns 100% of the issued share capital and is therefore deemed to be the ultimate controlling party.