T. C. Interiors Limited - Period Ending 2023-03-31
T. C. Interiors Limited - Period Ending 2023-03-31
Registration number:
T. C. Interiors Limited
for the Year Ended 31 March 2023
T. C. Interiors Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
T. C. Interiors Limited
Company Information
Directors |
G. N. Moreton D. M. James C. J. J. Leonard D. I. Bayley |
Company secretary |
C. J. J. Leonard |
Registered office |
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Auditors |
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T. C. Interiors Limited
(Registration number: 04006339)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
120 |
120 |
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Retained earnings |
712,621 |
815,421 |
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Shareholders' funds |
712,741 |
815,541 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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T. C. Interiors Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company can remain a viable, going concern for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements.
Audit report
T. C. Interiors Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and discounts.
Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product or where certain conditions have been met in respect of a service, have been transferred to the customer. Contract retentions are recognised on receipt of payment from customers.
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. Full provision is made for losses on projects in the period in which they are first forseen. Turnover is based on the level of work complete and as certified by the customer. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
T. C. Interiors Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property improvements |
Over the period of the lease |
Furniture, fittings and equipment |
20% straight line |
Motor vehicles |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.
Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.
Trade creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
T. C. Interiors Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a reducing balance basis over the useful life of the asset. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
T. C. Interiors Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Leasehold property improvements |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
- |
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Disposals |
- |
( |
( |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
- |
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At 31 March 2022 |
- |
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Stocks |
2023 |
2022 |
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Materials and supplies |
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Work in progress |
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T. C. Interiors Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include net obligations under hire purchase contracts which are secured of £54,586 (2022 - £34,242).
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Creditors include net obligations under hire purchase contracts which are secured of £73,195 (2022 - £20,862).
T. C. Interiors Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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20 |
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20 |
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30 |
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30 |
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30 |
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30 |
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20 |
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20 |
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20 |
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20 |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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2023 |
2022 |
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Current loans and borrowings |
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Hire purchase contracts |
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Obligations under operating leases |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Buildings and vehicles |
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T. C. Interiors Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Related party transactions |
The Company has taken advantage of the exemptions available in accordance with the Financial Reporting Standard FRS 102 not to disclose transactions entered into with other group companies, as the Company is a wholly owned subsidiary within the Group.
The Company operates from premises that are rented from pension schemes of which some of the directors are members. The rent and recharges paid during the year amounted to £60,256 (2022 - £59,750). There were no amounts outstanding at the balance sheet date (2022 - £Nil).