Company registration number 02309033 (England and Wales)
TECC SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
TECC SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TECC SERVICES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
469,698
468,529
Current assets
Debtors
4
34,883
50,837
Cash at bank and in hand
130,691
103,138
165,574
153,975
Creditors: amounts falling due within one year
5
(12,977)
(3,880)
Net current assets
152,597
150,095
Total assets less current liabilities
622,295
618,624
Provisions for liabilities
(39,872)
(38,324)
Net assets
582,423
580,300
Capital and reserves
Called up share capital
100
100
Revaluation reserve
228,551
228,551
Profit and loss reserves
353,772
351,649
Total equity
582,423
580,300
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TECC SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2023 and are signed on its behalf by:
Mr T A J Sanders
Director
Company Registration No. 02309033
TECC SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
TECC Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is West Gate, 104 High Street, Alton, Hampshire, United Kingdom, GU34 1EN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for consultancy services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Income from the leasing of vehicles is included within other operating income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TECC SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
There are no employees other than the directors.
TECC SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 January 2022
392,000
36,112
281,820
709,932
Additions
50,000
50,000
Disposals
(1,200)
(45,750)
(46,950)
At 31 December 2022
392,000
34,912
286,070
712,982
Depreciation and impairment
At 1 January 2022
35,280
32,713
173,410
241,403
Depreciation charged in the year
4,800
771
33,352
38,923
Eliminated in respect of disposals
(1,192)
(35,850)
(37,042)
At 31 December 2022
40,080
32,292
170,912
243,284
Carrying amount
At 31 December 2022
351,920
2,620
115,158
469,698
At 31 December 2021
356,720
3,399
108,410
468,529
Included in cost or valuation of land and buildings is freehold land of £152,000 (2021: £152,000) which is not depreciated.
On transition to FRS 102 the fair value of the property as at 1 January 2015 of £500,000 was adopted as the deemed cost. As at 31 December 2017 the property was revalued to £392,000.
The freehold land and buildings were valued on an open market basis on 31 December 2022 by the directors.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold property
2022
2021
£
£
Cost
136,481
136,481
Accumulated depreciation
(47,269)
(45,639)
Carrying value
89,212
90,842
TECC SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
17,789
26,243
Other debtors
17,094
24,594
34,883
50,837
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
67
79
Corporation tax
3,326
218
Other taxation and social security
5,698
Other creditors
3,886
3,583
12,977
3,880