Company Registration No. 08597223 (England and Wales)
Taremtec Ltd
Unaudited accounts
for the year ended 31 July 2023
Taremtec Ltd
Unaudited accounts
Contents
Taremtec Ltd
Company Information
for the year ended 31 July 2023
Directors
Samuel Komolafe
Titus Komolafe
Company Number
08597223 (England and Wales)
Registered Office
UNIT 20 BROCKLEY CROSS BUSINESS CENTRE
ENDWELL ROAD
LONDON
SE4 2PD
Taremtec Ltd
Statement of financial position
as at 31 July 2023
Tangible assets
1,039,095
990,884
Cash at bank and in hand
3,269
1,229
Creditors: amounts falling due within one year
(1,597,166)
(1,451,182)
Net current liabilities
(1,589,042)
(1,412,992)
Total assets less current liabilities
(549,947)
(422,108)
Provisions for liabilities
Net liabilities
(550,006)
(422,167)
Called up share capital
104
104
Profit and loss account
(550,110)
(422,271)
Shareholders' funds
(550,006)
(422,167)
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by
Samuel Komolafe
Director
Company Registration No. 08597223
Taremtec Ltd
Notes to the Accounts
for the year ended 31 July 2023
Taremtec Ltd is a private company, limited by shares, registered in England and Wales, registration number 08597223. The registered office is UNIT 20 BROCKLEY CROSS BUSINESS CENTRE, ENDWELL ROAD, LONDON, SE4 2PD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. 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.
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.
Turnover represents net invoiced sales, excluding value added tax. In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
30 years
Computer equipment
2 years
Investments in subsidiary undertakings are recognised at cost.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Expenditure on research and development is capitalised in the year in which it is incurred.
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.
Taremtec Ltd
Notes to the Accounts
for the year ended 31 July 2023
The balance sheet at the end of the year recorded net liabilities. However, the directors believe that sufficient financial resources are available to the company to enable it to continue trading into the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 August 2022
1,091,359
116,416
1,207,775
Additions
90,908
33,952
124,860
At 31 July 2023
1,182,267
150,368
1,332,635
At 1 August 2022
120,019
96,872
216,891
Charge for the year
39,409
37,240
76,649
At 31 July 2023
159,428
134,112
293,540
At 31 July 2023
1,022,839
16,256
1,039,095
At 31 July 2022
971,340
19,544
990,884
Amounts falling due within one year
Trade debtors
4,301
14,111
Amounts due from group undertakings etc.
-
22,296
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
17,153
22,668
Trade creditors
3,683
4,358
Amounts owed to group undertakings and other participating interests
1,572,405
1,420,724
Other creditors
4,086
4,083
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Average number of employees
During the year the average number of employees was 8 (2022: 8).
