Teal Patents Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03212208 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2022

FOR

TEAL PATENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C S Whieldon

A D May

C H May

Ms S J Stanley

N Doyle

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

34,626

6,032

CURRENT ASSETS

Stocks

280,780

210,199

Debtors

5

221,911

408,659

Cash at bank and in hand

871,520

1,094,678

1,374,211

1,713,536

CREDITORS

Amounts falling due within one year

6

490,192

813,936

NET CURRENT ASSETS

884,019

899,600

TOTAL ASSETS LESS CURRENT LIABILITIES

918,645

905,632

PROVISIONS FOR LIABILITIES

16,122

17,366

NET ASSETS

902,523

888,266

CAPITAL AND RESERVES

Called up share capital

8

11,000

11,000

Retained earnings

891,523

877,266

SHAREHOLDERS' FUNDS

902,523

888,266

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2022 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 19th January 2023 and were signed on its behalf by:

Ms 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

-

33% on cost

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2021 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st July 2021

112,137

Additions

37,507

At 30th June 2022

149,644

DEPRECIATION

At 1st July 2021

106,105

Charge for year

8,913

At 30th June 2022

115,018

NET BOOK VALUE

At 30th June 2022

34,626

At 30th June 2021

6,032

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

186,661

342,397

Other debtors

35,250

66,262

221,911

408,659

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

82,226

137,523

Taxation and social security

123,581

210,694

Other creditors

284,385

465,719

490,192

813,936

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 £38,801 each year for the next 2 years to the end of the lease giving a total commitment of £77,602.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

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 £4,000 in the year.

Mr C S Whieldon, a director, was paid dividends of £126,454 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 £49,500 in the year.

Mr M Stanley, a director, was owed £193,141 by the company at the year end.

Mr C S Whieldon, a director, was owed £38,956 by the company at the year end.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by Ms S Stanley, a director, by virtue of her having the right to exercise significant influence and control over the company.