T.P. Enterprises Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01999397 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

T.P. Enterprises Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Taylor

L Taylor MBE

S C Taylor

SECRETARY:

B O'Hare

REGISTERED OFFICE:

Meadowfield Avenue

Green Lane Industrial Estate

Spennymoor

Durham

DL16 6YJ

REGISTERED NUMBER:

01999397 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

Kepier House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Tangible assets

4

329,993

334,904

Investments

5

75,000

75,000

404,993

409,904

CURRENT ASSETS

Debtors

86,856

92,901

Cash at bank

884,409

788,394

971,265

881,295

CREDITORS

Amounts falling due within one year

160,874

127,243

NET CURRENT ASSETS

810,391

754,052

TOTAL ASSETS LESS CURRENT LIABILITIES

1,215,384

1,163,956

CREDITORS

Amounts falling due after more than one year

(25,087

)

(33,406

)

PROVISIONS FOR LIABILITIES

7

(21,313

)

(20,738

)

NET ASSETS

1,168,984

1,109,812

CAPITAL AND RESERVES

Called up share capital

13,757

13,757

Capital redemption reserve

11,250

11,250

Retained earnings

1,143,977

1,084,805

1,168,984

1,109,812

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2020 and were signed on its behalf by:

S C Taylor - Director

1.	STATUTORY INFORMATION

T.P. Enterprises 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Going concern

The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date the financial statements are approved.

At the date of approval, the country and indeed the rest of the world is in the midst of dealing with the Covid-19 pandemic. This has impacted unfavourably on the levels of work possible. The company has taken steps to deal with the financial impact of this, including the preparation of revised forecasts. Whilst there is uncertainty around the length of time the Covid-19 pandemic will last and the full impact on the global economy, the directors believe that it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements due to the levels of reserves and potential financial support available.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income Recognition

Income is recognised upon completion of the service.

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.

Freehold property and land

-

2% on cost and not provided

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

No depreciation has been charged on the land aspect of the freehold property as the value is not expected to diminish.

Tangible fixed assets are held at cost less accumulated depreciation and impairment.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Group exemption

The financial statements contain information about T.P. Enterprises Limited as an individual company, and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 398 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Investments in subsidiaries and joint ventures

Investment in subsidiary undertakings and joint ventures are recognised at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

707,561

Additions

33,178

Disposals

(18,500

)

At 31 March 2020

722,239

DEPRECIATION

At 1 April 2019

372,657

Charge for year

33,719

Eliminated on disposal

(14,130

)

At 31 March 2020

392,246

NET BOOK VALUE

At 31 March 2020

329,993

At 31 March 2019

334,904

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

Totals

£

COST

At 1 April 2019

and 31 March 2020

52,467

DEPRECIATION

At 1 April 2019

3,279

Charge for year

12,297

At 31 March 2020

15,576

NET BOOK VALUE

At 31 March 2020

36,891

At 31 March 2019

49,188

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2019

and 31 March 2020

75,000

NET BOOK VALUE

At 31 March 2020

75,000

At 31 March 2019

75,000

6.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

33,196

41,067

Hire purchase contracts are secured on the assets to which they relate.

7.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

21,313

20,738

Deferred

tax

£

Balance at 1 April 2019

20,738

Accelerated capital allowances

575

Balance at 31 March 2020

21,313

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

£

£

S C Taylor and L Taylor MBE

Balance outstanding at start of year

(6,395

)

343,644

Amounts advanced

400,276

146,610

Amounts repaid

(325,512

)

(496,649

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

68,369

(6,395

)

The balance was repaid post year end and no interest has been charged.

9.	RELATED PARTY DISCLOSURES

There were no related party transactions other than those concluded under normal market conditions other than those listed below

2020

2019

£

£

Balance owed from joint venture

18,309

17,075

There was no interest charged.

10.	SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal value:

2020 £

2019 £

13,750

'A' Ordinary

£1

13,750

13,750

3

'B' Ordinary

£1

3

3

1

'C' Ordinary

£1

1

1

1

'D' Ordinary

£1

1

1

1

'E' Ordinary

£1

1

1

1

'F' Ordinary

£1

1

1

13,757

13,757