Tim Purslow Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08674343 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Tim Purslow Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T N Purslow

R E Davidson

REGISTERED OFFICE:

Oakfield Court

Scures Hill

Nately Scures

Hook

Hampshire

RG27 9JR

REGISTERED NUMBER:

08674343 (England and Wales)

ACCOUNTANTS:

Lane Monnington Welton

Chartered Accountants

Riverside View

Basing Road

Old Basing

Basingstoke

Hampshire

RG24 7AL

FIXED ASSETS

Tangible assets

4

307,236

164,688

CURRENT ASSETS

Stocks

755,542

798,675

Debtors

5

59,122

61,314

Cash at bank and in hand

275,359

130,130

1,090,023

990,119

CREDITORS

Amounts falling due within one year

6

409,023

327,629

NET CURRENT ASSETS

681,000

662,490

TOTAL ASSETS LESS CURRENT LIABILITIES

988,236

827,178

CREDITORS

Amounts falling due after more than one year

7

(903,918

)

(703,920

)

PROVISIONS FOR LIABILITIES

9

(38,524

)

(24,978

)

NET ASSETS

45,794

98,280

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

45,694

98,180

SHAREHOLDERS' FUNDS

45,794

98,280

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 14 March 2023 and were signed on its behalf by:

T N Purslow - Director

1.	STATUTORY INFORMATION

Tim Purslow 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.

Critical accounting judgements and key sources of estimation uncertainty

Liabilities shown as due in more than 1 year are legally repayable within a year, on demand, although the creditors have no intention of recalling those loans in the next 12 months and hence they are shown as due in more than 1 year.

Turnover

Turnover represents sales of goods and services net of VAT and trade discounts. Turnover is recognised when the risks and rewards of ownership of goods have been transferred to the customer or where the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. The risks and rewards of ownership of goods are deemed to have been transferred when the goods are shipped to, or are picked up by, the customer. Where a service contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

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

Improvements to property

-

Straight line over 10 years

Plant and machinery

-

33% on cost, 20% on cost and 10% on cost

Fixtures and fittings

-

25% on cost and 20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete or sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than the cost.

Financial instruments

Debtors and creditors payable/receivable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Taxation

Taxation for the year 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, adjusted for indexation where applicable.

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

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.

Impairment

Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2022

177,677

116,224

18,565

Additions

49,626

10,628

1,329

Disposals

-

-

-

At 31 December 2022

227,303

126,852

19,894

DEPRECIATION

At 1 January 2022

78,364

64,385

12,822

Charge for year

17,842

11,401

1,599

Eliminated on disposal

-

-

-

At 31 December 2022

96,206

75,786

14,421

NET BOOK VALUE

At 31 December 2022

131,097

51,066

5,473

At 31 December 2021

99,313

51,839

5,743

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

19,426

8,787

340,679

Additions

119,240

-

180,823

Disposals

(19,426

)

-

(19,426

)

At 31 December 2022

119,240

8,787

502,076

DEPRECIATION

At 1 January 2022

13,280

7,140

175,991

Charge for year

-

1,287

32,129

Eliminated on disposal

(13,280

)

-

(13,280

)

At 31 December 2022

-

8,427

194,840

NET BOOK VALUE

At 31 December 2022

119,240

360

307,236

At 31 December 2021

6,146

1,647

164,688

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

2,476

21,285

Other debtors

56,646

40,029

59,122

61,314

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

45,299

63,376

Taxation and social security

22,671

84,575

Other creditors

341,053

179,678

409,023

327,629

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Other creditors

903,918

703,920

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.22

31.12.21

£

£

Within one year

46,877

63,877

Between one and five years

5,188

42,985

52,065

106,862

9.	PROVISIONS FOR LIABILITIES

31.12.22

31.12.21

£

£

Deferred tax

38,524

24,978

Deferred

tax

£

Balance at 1 January 2022

24,978

Accelerated Capital Allowances

13,546

Balance at 31 December 2022

38,524

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

100

Ordinary

£1

100

100