TG Designer Homes Limited Filleted accounts for Companies House (small and micro)

TG DESIGNER HOMES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05495474

TG Designer Homes Limited

Filleted Unaudited Financial Statements

30 June 2021

TG Designer Homes Limited

Financial Statements

Year ended 30 June 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

TG Designer Homes Limited

Statement of Financial Position

30 June 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		2,124	2,712

Current assets

Stocks and work in progress		–	540,674
Debtors	6	152,953	63,456
Cash at bank and in hand		140,981	72,857
		---------	---------
		293,934	676,987

Creditors: amounts falling due within one year	7	30,609		249,049
		---------		---------
Net current assets			263,325	427,938
			---------	---------
Total assets less current liabilities			265,449	430,650

Creditors: amounts falling due after more than one year	8	40,493	50,000
		---------	---------
Net assets		224,956	380,650
		---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	224,955	380,649
	---------	---------
Shareholders funds	224,956	380,650
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

TG Designer Homes Limited

Statement of Financial Position (continued)

30 June 2021

These financial statements were approved by the board of directors and authorised for issue on 17 March 2022 , and are signed on behalf of the board by:

Mrs T Ralph

Director

Company registration number: 05495474

TG Designer Homes Limited

Notes to the Financial Statements

Year ended 30 June 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

	Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 July 2020 and 30 June 2021	2,939	2,939
	-------	-------
Depreciation
At 1 July 2020	227	227
Charge for the year	588	588
	-------	-------
At 30 June 2021	815	815
	-------	-------
Carrying amount
At 30 June 2021	2,124	2,124
	-------	-------
At 30 June 2020	2,712	2,712
	-------	-------

6. Debtors

	2021	2020
	£	£
Trade debtors	–	5,821
Amounts owed by group undertakings and undertakings in which the company has a participating interest	133,293	–
Other debtors	19,660	57,635
	---------	--------
	152,953	63,456
	---------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	9,507	43,723
Trade creditors	11,590	104,335
Social security and other taxes	139	9,113
Other creditors	9,373	91,878
	--------	---------
	30,609	249,049
	--------	---------

National Westminster Bank PLC hold fixed and floating charges over all the property and undertaking of the company.

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	40,493	50,000
	--------	--------

9. Related party transactions

At the year end the company was owed £133,293 by (2020: owed £64,776 to) a group company and owed £2,282 (2020: £nil) to a company related by virtue of shared key management personnel.

10. Controlling party

The ultimate controlling party is T G Corporate Limited who holds 100% of the share capital. The address of T G Corporate Limited is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.