Type Ten Limited - Accounts to registrar (filleted) - small 23.1.2

Type Ten Limited - Accounts to registrar (filleted) - small 23.1.2

TYPE TEN LIMITED - Company Information

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REGISTERED NUMBER: 07489135 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

TYPE TEN LIMITED
TYPE TEN LIMITED (REGISTERED NUMBER: 07489135)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2022




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


TYPE TEN LIMITED

COMPANY INFORMATION
for the year ended 31 December 2022







DIRECTORS: Mr L Cummins
Mr S P Walshe
Mrs S J Cummins
Mrs T Walshe
Mr A Mason





SECRETARIES: Mrs T Walshe
Mrs S J Cummins





REGISTERED OFFICE: 19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: 07489135 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD
Page 1
TYPE TEN LIMITED (REGISTERED NUMBER: 07489135)

ABRIDGED BALANCE SHEET
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 63,793 53,217

CURRENT ASSETS
Debtors 5,521,292 4,994,361
Cash at bank and in hand 1,646,104 708,977
7,167,396 5,703,338
CREDITORS
Amounts falling due within one year 4,668,046 3,239,424
NET CURRENT ASSETS 2,499,350 2,463,914
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,563,143
2,517,131

CREDITORS
Amounts falling due after more than one
year
(521,195
)
(696,667
)

PROVISIONS FOR LIABILITIES (16,385 ) (10,111 )
NET ASSETS 2,025,563 1,810,353

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,025,463 1,810,253
SHAREHOLDERS' FUNDS 2,025,563 1,810,353

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 notes form part of these financial statements

Page 2 continued...
TYPE TEN LIMITED (REGISTERED NUMBER: 07489135)

ABRIDGED BALANCE SHEET - continued
31 December 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 6 June 2023 and were signed on its behalf by:





Mr L Cummins - Director


The notes form part of these financial statements

Page 3
TYPE TEN LIMITED (REGISTERED NUMBER: 07489135)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2022

1. STATUTORY INFORMATION

Type Ten 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over the period of the leases
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

Page 4 continued...
TYPE TEN LIMITED (REGISTERED NUMBER: 07489135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2021 - 18 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2022 284,688
Additions 55,809
Disposals (61,885 )
At 31 December 2022 278,612
DEPRECIATION
At 1 January 2022 231,471
Charge for year 27,941
Eliminated on disposal (44,593 )
At 31 December 2022 214,819
NET BOOK VALUE
At 31 December 2022 63,793
At 31 December 2021 53,217

Page 5 continued...
TYPE TEN LIMITED (REGISTERED NUMBER: 07489135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2022 171,119
Additions 49,837
Disposals (61,885 )
At 31 December 2022 159,071
DEPRECIATION
At 1 January 2022 131,428
Charge for year 18,059
Eliminated on disposal (44,593 )
At 31 December 2022 104,894
NET BOOK VALUE
At 31 December 2022 54,177
At 31 December 2021 39,691

5. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 696,667 886,667
Hire purchase contracts 39,452 3,343
736,119 890,010

The hire purchase loan is secured over the asset to which it relates.

The bank loan is secured by a fixed charge on the company’s fixed assets and a floating charge on the company’s remaining assets.

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
Mr S P Walshe
Balance outstanding at start of year 43,402 -
Amounts advanced - 43,402
Amounts repaid (43,402 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 43,402

Page 6 continued...
TYPE TEN LIMITED (REGISTERED NUMBER: 07489135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr L Cummins
Balance outstanding at start of year 426,525 -
Amounts advanced - 426,525
Amounts repaid (426,525 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 426,525

7. RELATED PARTY TRANSACTIONS

At the balance sheet date the company was owed an aggregate amount of £59,891 (2021 : the company owed an aggregate amount of £244,051) by/(to) companies of which the directors of this company are also directors, and owed the directors £179,702 (2021 : was owed £469,927).

Page 7