TYNESIDE PROJECT SOLUTIONS LTD 31/10/2023 iXBRL
TYNESIDE PROJECT SOLUTIONS LTD 31/10/2023 iXBRL
Company registration number:
08167220
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Directors and other information
Directors |
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Secretary |
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Company number |
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Registered office |
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Business address |
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Bankers |
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101 King Street | ||
South Shields | ||
Tyne & Wear | ||
Statement of financial position
31st October 2023
2023 | 2022 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 5 |
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Current assets | |||||||||
Debtors | 6 |
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Creditors: amounts falling due | |||||||||
within one year | 7 |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 8 |
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Provisions for liabilities |
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Net liabilities |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholders deficit |
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Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
16 February 2024
, and are signed on behalf of the board by:
Director
Company registration number:
08167220
Notes to the financial statements
Year ended 31st October 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TYNESIDE PROJECT SOLUTIONS LTD, 1 Woodbine Terrace, Gateshead, Tyne & Wear.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment | - |
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Impairment
Government grants
Provisions
Financial instruments
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
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5.
Tangible assets
Fixtures, fittings and equipment | Total | ||
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Cost | |||
At 1st November 2022 and 31st October 2023 |
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Depreciation | |||
At 1st November 2022 |
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Charge for the year |
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At 31st October 2023 |
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Carrying amount | |||
At 31st October 2023 |
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At 31st October 2022 |
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6.
Debtors
2023 | 2022 | |||
£ | £ | |||
Trade debtors |
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Other debtors |
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7.
Creditors: amounts falling due within one year
2023 | 2022 | |||
£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax | - |
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Social security and other taxes | - |
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Other creditors |
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Included in other creditors are amounts due to Lloyds bank Commercial Finance Ltd, under a factoring agreement. At the year end the company owed £3,550 (2022: £15,014) and this is secured by a debenture containing a floating charge over all the assets of the company and a fixed charge over the book debts.
8.
Creditors: amounts falling due after more than one year
2023 | 2022 | |||
£ | £ | |||
Bank loans and overdrafts |
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The term on the Bounce Back Loan is 10 years, from June 2020. Interest is fixed at 2.5% by the Government and the Company believes that this is a market rate of interest for this type of loan. There is no security provided by the Company for this loan.
9.
Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company: | |||||
2023 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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2022 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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The above loans are unsecured, interest free and repayable on demand.
10.
Controlling party
The controlling party is Mr
S P Brennan
, a director
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