Company Registration No. 01126971 (England and Wales)
T.M.A. Engineering Limited
Unaudited accounts
for the year ended 28 February 2023
T.M.A. Engineering Limited
Unaudited accounts
Contents
T.M.A. Engineering Limited
Statement of financial position
as at 28 February 2023
Tangible assets
99,144
842,355
Cash at bank and in hand
253,062
318,031
Creditors: amounts falling due within one year
(329,560)
(268,943)
Net current assets
599,346
422,192
Total assets less current liabilities
698,490
1,264,547
Creditors: amounts falling due after more than one year
(275,467)
(374,528)
Net assets
423,023
890,019
Called up share capital
6,120
6,120
Revaluation reserve
-
401,601
Capital redemption reserve
5,880
5,880
Profit and loss account
411,023
476,418
Shareholders' funds
423,023
890,019
For the year ending 28 February 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 28 June 2023 and were signed on its behalf by
Mr M Albutt
Director
Company Registration No. 01126971
T.M.A. Engineering Limited
Notes to the Accounts
for the year ended 28 February 2023
T.M.A. Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 01126971. The registered office is 95-111 Tyburn Road, Erdington, Birmingham, B24 8NQ.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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:
Land & buildings
2% straight line
Plant & machinery
20% reducing balance
Motor vehicles
255 reducing balance
Computer equipment
33% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
T.M.A. Engineering Limited
Notes to the Accounts
for the year ended 28 February 2023
Expenditure on research and development is written off in the year in which it is incurred.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Intangible fixed assets
Goodwill
At 28 February 2023
100,000
At 28 February 2023
100,000
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 March 2022
625,000
932,735
219,529
74,675
1,851,939
Additions
-
123,697
-
-
123,697
Disposals
(625,000)
(1,056,432)
-
-
(1,681,432)
At 28 February 2023
-
-
219,529
74,675
294,204
At 1 March 2022
162,500
685,072
89,574
72,438
1,009,584
Charge for the year
-
-
32,489
559
33,048
On disposals
(162,500)
(685,072)
-
-
(847,572)
At 28 February 2023
-
-
122,063
72,997
195,060
At 28 February 2023
-
-
97,466
1,678
99,144
At 28 February 2022
462,500
247,663
129,955
2,237
842,355
T.M.A. Engineering Limited
Notes to the Accounts
for the year ended 28 February 2023
Amounts falling due within one year
Trade debtors
246,928
284,471
Amounts due from group undertakings etc.
372,827
-
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
88,572
88,572
Obligations under finance leases and hire purchase contracts
45,632
47,632
Trade creditors
61,008
80,759
Taxes and social security
29,050
7,735
Other creditors
36,133
36,403
Loans from directors
2,807
42
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
243,612
297,036
Obligations under finance leases and hire purchase contracts
31,855
77,492
Allotted, called up and fully paid:
3,620 A Ordinary of £1 each
3,620
3,620
1,500 B Ordinary of £1 each
1,500
1,500
1,000 C Ordinary of £1 each
1,000
1,000
The company is 100% owned by T.M.A. Engineering Holdings Ltd. Dividends of £280,450 were paid to the company.
11
Average number of employees
During the year the average number of employees was 21 (2022: 21).