TES Interiors Ltd - Accounts to registrar (filleted) - small 18.2

TES Interiors Ltd (formerly known as

TES DEC Limited)

Financial Statements for the Year Ended 28 February 2021

DIRECTORS:

L A Sulley

T E Sulley

REGISTERED OFFICE:

The Gate

Keppoch Street

Roath

Cardiff

CF24 3JW

REGISTERED NUMBER:

09986573 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TES Interiors Ltd (formerly known as TES DEC Limited) for the year ended 28 February 2021 which comprise the Profit & Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of TES Interiors Ltd (formerly known as TES DEC Limited), as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of TES Interiors Ltd (formerly known as TES DEC Limited) and state those matters that we have agreed to state to the Board of Directors of TES Interiors Ltd (formerly known as TES DEC Limited), as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TES Interiors Ltd (formerly known as TES DEC Limited) and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that TES Interiors Ltd (formerly known as TES DEC Limited) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of TES Interiors Ltd (formerly known as TES DEC Limited). You consider that TES Interiors Ltd (formerly known as TES DEC Limited) is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of TES Interiors Ltd (formerly known as TES DEC Limited). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BPU Limited

Chartered Accountants

20 August 2021

FIXED ASSETS

Tangible assets

3

3,429

10,168

CURRENT ASSETS

Stocks

5,000

5,000

Debtors

4

137,807

343,885

Cash at bank

42,832

38,566

185,639

387,451

CREDITORS

Amounts falling due within one year

5

154,638

385,217

NET CURRENT ASSETS

31,001

2,234

TOTAL ASSETS LESS CURRENT LIABILITIES

34,430

12,402

CREDITORS

Amounts falling due after more than one year

6

(121,835

)

(4,659

)

PROVISIONS FOR LIABILITIES

(900

)

(1,932

)

NET (LIABILITIES)/ASSETS

(88,305

)

5,811

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(88,405

)

5,711

(88,305

)

5,811

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2021 and were signed on its behalf by:

L A Sulley - Director

1.	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

-

25% straight line

Motor vehicles

-

25% straight line

Computer equipment

-

25% straight line

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 Profit & Loss Account, 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

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2020 - 12 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 March 2020

12,200

18,778

-

30,978

Additions

-

-

449

449

At 28 February 2021

12,200

18,778

449

31,427

DEPRECIATION

At 1 March 2020

6,100

14,710

-

20,810

Charge for year

3,050

4,068

70

7,188

At 28 February 2021

9,150

18,778

70

27,998

NET BOOK VALUE

At 28 February 2021

3,050

-

379

3,429

At 29 February 2020

6,100

4,068

-

10,168

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

68,446

329,116

Other debtors & prepayments

69,361

14,769

137,807

343,885

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

24,165

-

Hire purchase contracts

4,727

3,495

Trade creditors

21,321

68,618

Taxes & social security costs

55,585

106,114

Other creditors & accruals

48,840

206,990

154,638

385,217

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

121,835

-

Hire purchase contracts

-

4,659

121,835

4,659

7.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

4,727

8,154

The hire purchase contracts are secured over the assets concerned.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 28 February 2021 and the period ended 29 February 2020:

2021

2020

£

£

L A Sulley

Balance outstanding at start of year

-

-

Amounts advanced

10,579

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,579

-

T E Sulley

Balance outstanding at start of year

11,679

30,288

Amounts advanced

10,076

11,679

Amounts repaid

-

(30,288

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

21,755

11,679

E L Watkins

Balance outstanding at start of year

2,689

24,505

Amounts advanced

27,701

2,689

Amounts repaid

-

(24,505

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

30,390

2,689