Company No:
Contents
Note | 2021 | 2020 | ||
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Current assets | ||||
Stocks | 3 |
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Debtors | 4 |
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Cash at bank and in hand |
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104,956 | 201,557 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current liabilities | (347,358) | (106,126) | ||
Total assets less current liabilities | (347,358) | (106,126) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Trucksmith Service Limited (registered number:
Mr Daniel Ross Trebble
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Trucksmith Service Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2 King Place, Hitchcocks Business Park, Uffculme, Cullompton, EX15 3FH, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis, despite the Company generating a loss after tax of £241,232 during the year and having net liabilities of £347,358 at the year end.
The Company continued to receive support from HMRC during the year in the form of a Time to Pay Arrangement.
Post year end, the Company has undertaken a reassessment of its contracts and is looking to restructure its offering, as well as focusing on areas where there is an increased level of demand, which is expected to return the Company to profitability. In addition, the Company expects to work more closely with Trucksmith Limited, which the Director expects should also facilitate improved performance for the Company.
Based on the forecast and in light of the above, the Director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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£ | £ | ||
Work in progress |
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Finished goods |
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£ | £ | ||
Trade debtors |
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Amounts owed by director |
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Accrued income |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Other taxation and social security |
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Allotted, called-up and fully-paid | |||
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Transactions with the entity's director
Credit transactions with director
Other related party transactions
During the year, recharges of £395,877 (2020: £305,512) were charged to the Company by Trucksmith Limited, a Company that the Director has a significant influence in, and at the year end the Company owed £386,090 (2020: £225,273).