Tradeframe.com Limited 07033799 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is the distribution of window, door and conservatory frames. Digita Accounts Production Advanced 6.30.9574.0 true true 07033799 2021-01-01 2021-12-31 07033799 2021-12-31 07033799 core:AcceleratedTaxDepreciationDeferredTax 2021-12-31 07033799 core:RetainedEarningsAccumulatedLosses 2021-12-31 07033799 core:ShareCapital 2021-12-31 07033799 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 07033799 core:FurnitureFittingsToolsEquipment 2021-12-31 07033799 bus:SmallEntities 2021-01-01 2021-12-31 07033799 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 07033799 bus:FullAccounts 2021-01-01 2021-12-31 07033799 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 07033799 bus:RegisteredOffice 2021-01-01 2021-12-31 07033799 bus:Director1 2021-01-01 2021-12-31 07033799 bus:Director3 2021-01-01 2021-12-31 07033799 bus:Director4 2021-01-01 2021-12-31 07033799 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 07033799 bus:Agent1 2021-01-01 2021-12-31 07033799 core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 07033799 core:ShareCapital 2021-01-01 2021-12-31 07033799 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 07033799 core:LandBuildings 2021-01-01 2021-12-31 07033799 core:PlantMachinery 2021-01-01 2021-12-31 07033799 countries:AllCountries 2021-01-01 2021-12-31 07033799 2020-12-31 07033799 core:RetainedEarningsAccumulatedLosses 2020-12-31 07033799 core:ShareCapital 2020-12-31 07033799 core:FurnitureFittingsToolsEquipment 2020-12-31 07033799 2020-01-01 2020-12-31 07033799 2020-12-31 07033799 core:AcceleratedTaxDepreciationDeferredTax 2020-12-31 07033799 core:RetainedEarningsAccumulatedLosses 2020-12-31 07033799 core:ShareCapital 2020-12-31 07033799 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 07033799 core:FurnitureFittingsToolsEquipment 2020-12-31 07033799 core:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 07033799 core:ShareCapital 2020-01-01 2020-12-31 07033799 2019-12-31 07033799 core:RetainedEarningsAccumulatedLosses 2019-12-31 07033799 core:ShareCapital 2019-12-31 iso4217:GBP xbrli:pure

Registration number: 07033799

Prepared for the registrar

Tradeframe.com Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Tradeframe.com Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Tradeframe.com Limited

Company Information

Directors

W Nicoll

S J Nicoll

J Nicoll

Registered office

3 Pearce Way
Capitol Park
Gloucester
GL2 5YD

Bankers

Handelsbanken Plc
Valiant Court
Gloucester Business Park
Ground Floor 5210
Gloucester
GL3 4FE

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Tradeframe.com Limited
for the Year Ended 31 December 2021
 

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tradeframe.com Limited for the year ended 31 December 2021 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Tradeframe.com Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Tradeframe.com Limited and state those matters that we have agreed to state to the Board of Directors of Tradeframe.com Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tradeframe.com Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Tradeframe.com Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Tradeframe.com Limited. You consider that Tradeframe.com Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Tradeframe.com Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

30 June 2022

 

Tradeframe.com Limited

(Registration number: 07033799)
Balance Sheet as at 31 December 2021

Note

2021
 £

2020
 £

Fixed assets

 

Tangible assets

5

157,072

118,756

Current assets

 

Stocks

78,050

73,100

Debtors

6

146,500

308,903

Cash at bank and in hand

 

186,380

282,886

 

410,930

664,889

Creditors: Amounts falling due within one year

7

(514,981)

(735,801)

Net current liabilities

 

(104,051)

(70,912)

Total assets less current liabilities

 

53,021

47,844

Deferred tax liabilities

4

(3,393)

(14,690)

Net assets

 

49,628

33,154

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

49,528

33,054

Total equity

 

49,628

33,154

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 June 2022 and signed on its behalf by:
 

.........................................
W Nicoll
Director

   
     
 

Tradeframe.com Limited

Statement of Changes in Equity for the Year Ended 31 December 2021

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2021

100

33,054

33,154

Profit for the year

-

210,161

210,161

Dividends

-

(193,687)

(193,687)

At 31 December 2021

100

49,528

49,628

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2020

100

137,580

137,680

Profit for the year

-

197,308

197,308

Dividends

-

(301,834)

(301,834)

At 31 December 2020

100

33,054

33,154

 

Tradeframe.com Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Pearce Way
Capitol Park
Gloucester
GL2 5YD

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Tradeframe.com Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25-50% straight line

Land and buildings

2% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, is it probably that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Tradeframe.com Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

2021
 No.

2020
 No.

Average number of employees

13

13

 

Tradeframe.com Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

 

4

Deferred tax

Deferred tax assets and liabilities

2021

Liability
£

Accelerated capital allowances

3,393

   

2020

Liability
£

Accelerated capital allowances

14,690

   
 

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 January 2021

262,768

Additions

160,338

Disposals

(106,450)

At 31 December 2021

316,656

Depreciation

At 1 January 2021

144,012

Charge for the year

54,222

Eliminated on disposal

(38,650)

At 31 December 2021

159,584

Carrying amount

At 31 December 2021

157,072

At 31 December 2020

118,756

 

6

Debtors

2021
 £

2020
 £

Trade debtors

20,159

267,207

Other debtors

110,900

30,900

Prepayments

15,441

10,796

 

146,500

308,903

 

Tradeframe.com Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

 

7

Creditors

2021
 £

2020
 £

Due within one year

Trade creditors

155,338

231,700

Amounts due to related parties

85,000

200,000

Social security and other taxes

54,613

51,374

Outstanding defined contribution pension costs

3,825

3,519

Other creditors

152,958

190,219

Accrued expenses

1,650

7,191

Corporation tax liability

61,597

51,798

514,981

735,801

 

8

Related party transactions

Transactions with directors

At the year end the company was due £108,300 (2020 - £28,300) from J Nicoll, a company director.

At the year end the company owed WSJ Holdings Limited, it's parent company, £nil (2020 - £200,000).