TERZETTO LIMITED
TERZETTO LIMITED
TERZETTO LIMITED
Company Registration Number:
06945891 (England and Wales)
Unaudited statutory accounts for the year ended 31 December 2022
Period of accounts
Start date: 1 January 2022
End date: 31 December 2022
TERZETTO LIMITED
Contents of the Financial Statements
for the Period Ended 31 December 2022
Balance sheet | |
Additional notes | |
Balance sheet notes |
TERZETTO LIMITED
Balance sheet
As at
Notes | 2022 | 2021 | |
---|---|---|---|
| £ | £ | |
Fixed assets | |||
Tangible assets: | 3 | | |
Total fixed assets: | | | |
Current assets | |||
Stocks: | 4 | | |
Debtors: | 5 | | |
Cash at bank and in hand: | | | |
Total current assets: | | | |
Creditors: amounts falling due within one year: | 6 | ( | ( |
Net current assets (liabilities): | ( | | |
Total assets less current liabilities: | | | |
Creditors: amounts falling due after more than one year: | 7 | ( | ( |
Provision for liabilities: | ( | ( | |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Profit and loss account: | | | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
TERZETTO LIMITED
Balance sheet statements
The directors have chosen not to file a copy of the company's profit and loss account.
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
TERZETTO LIMITED
Notes to the Financial Statements
for the Period Ended 31 December 2022
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1. Accounting policies
Basis of measurement and preparation
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102 Turnover policy
Turnover is measured at fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the sale of goods and from the rendering of services.Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually when the goods have been delivered to customers such that the risks and removal of ownership have been transferred to them. Tangible fixed assets depreciation policy
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.DepreciationDepreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land, over their expected useful lives. The annual rates and methods of depreciation are as follows:Plant and machinery - 20% reducing balance basisLease improvements, displays, fixtures & fittings - 10% straight line & 20% reducing balance basisMotor vehicles - 15% reducing balance basisOffice equipment - 20% reducing balance basisImpairment of fixed assetsFixed assets are assessed at each reporting date to determine whether there is any indication that the assets are impaired. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared to its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised in the profit and lossaccount. The reversal of an impairment loss is recognised immediately in the profit and loss account. Other accounting policies
Government grantsGovernment grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the the performance model. Under the the performance model, where the grant does not impose specified future performance related conditions on therecipient, it is recognised as income when the grant proceeds are received or receivable. Where the grant does impose specified future performance related conditions, it is recognised as income when the performance related conditions have been met. Where grants are received prior to satisfying the revenue recognition criteria, they are recognised as a liability.Pension contributionsThe Company has a defined contribution pension scheme. The pension costs charged to the profit and loss account are the contributions payable in respect of the accounting period.TaxationThe tax expense for the period comprises tax. Tax is recognised in profit or loss, 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.Current tax is recognised for the amount of corporation tax payable in respect of the taxable profit for the year using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, Deferred tax assets are only 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. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.StocksStock are stated at the lower of cost and estimated selling price less costs to complete and sell.DebtorsShort term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any impairment. Cash and cash equivalentsCash 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.CreditorsShort term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method.Foreign currencyTransactions in foreign currency are translated at the spot rate at the date of the transactions. Assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange at the balance sheet date. All exchange differences are taken to the to the profit and loss account.LeasesFixed assets acquired under finance leases and hire purchases are included in the balance sheet at cost and an appropriate provision made for depreciation. The outstanding liabilities under such agreements less interest not yet due are included in creditors. Interest attributable to each period is charged to the profit and loss account.
TERZETTO LIMITED
Notes to the Financial Statements
for the Period Ended 31 December 2022
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2. Employees
2022 2021 Average number of employees during the period 18 16
TERZETTO LIMITED
Notes to the Financial Statements
for the Period Ended 31 December 2022
3. Tangible assets
Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
---|---|---|---|---|---|---|
Cost | £ | £ | £ | £ | £ | £ |
At 1 January 2022 | | | | | | |
Additions | | | | | | |
Disposals | ||||||
Revaluations | ||||||
Transfers | ||||||
At 31 December 2022 | | | | | | |
Depreciation | ||||||
At 1 January 2022 | | | | | | |
Charge for year | | | | | | |
On disposals | ||||||
Other adjustments | ||||||
At 31 December 2022 | | | | | | |
Net book value | ||||||
At 31 December 2022 | | | | | | |
At 31 December 2021 | | | | | |
TERZETTO LIMITED
Notes to the Financial Statements
for the Period Ended 31 December 2022
4. Stocks
2022 | 2021 | |
---|---|---|
£ | £ | |
Stocks | | |
Total | | |
TERZETTO LIMITED
Notes to the Financial Statements
for the Period Ended 31 December 2022
5. Debtors
2022 | 2021 | |
---|---|---|
£ | £ | |
Trade debtors | | |
Prepayments and accrued income | | |
Other debtors | | |
Total | | |
TERZETTO LIMITED
Notes to the Financial Statements
for the Period Ended 31 December 2022
6. Creditors: amounts falling due within one year note
2022 | 2021 | |
---|---|---|
£ | £ | |
Bank loans and overdrafts | | |
Amounts due under finance leases and hire purchase contracts | | |
Trade creditors | | |
Taxation and social security | | |
Accruals and deferred income | | |
Other creditors | | |
Total | | |
TERZETTO LIMITED
Notes to the Financial Statements
for the Period Ended 31 December 2022
7. Creditors: amounts falling due after more than one year note
2022 | 2021 | |
---|---|---|
£ | £ | |
Bank loans and overdrafts | | |
Amounts due under finance leases and hire purchase contracts | | |
Total | | |
TERZETTO LIMITED
Notes to the Financial Statements
for the Period Ended 31 December 2022
8. Financial Commitments