Company Registration No. 11721065 (England and Wales)
Transfer Brand Solutions Limited
Unaudited accounts
for the year ended 31 December 2022
Transfer Brand Solutions Limited
Unaudited accounts
Contents
Transfer Brand Solutions Limited
Company Information
for the year ended 31 December 2022
Directors
J Price
O Rayner
J Smith
D Smith
Company Number
11721065 (England and Wales)
Registered Office
Unit 10 United Business Park
Lowfields Road
Leeds
LS12 6UB
Accountants
Tidal Accounting
Madison Offices
Richardshaw Road
Leeds
West Yorkshire
LS28 6LE
Transfer Brand Solutions Limited
Statement of financial position
as at 31 December 2022
Tangible assets
112,297
90,624
Cash at bank and in hand
2,307
26,578
Creditors: amounts falling due within one year
(350,024)
(5,294)
Net current (liabilities)/assets
(127,915)
70,377
Total assets less current liabilities
(15,618)
161,001
Creditors: amounts falling due after more than one year
(9,342)
(230,068)
Provisions for liabilities
Net liabilities
(46,296)
(69,067)
Called up share capital
100
100
Profit and loss account
(46,396)
(69,167)
Shareholders' funds
(46,296)
(69,067)
For the year ending 31 December 2022 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 26 September 2023 and were signed on its behalf by
J Price
Director
Company Registration No. 11721065
Transfer Brand Solutions Limited
Notes to the Accounts
for the year ended 31 December 2022
Transfer Brand Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 11721065. The registered office is Unit 10 United Business Park, Lowfields Road, Leeds, LS12 6UB.
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.
The directors have considered all factors, including in the wider economy, as part of their assessment of going concern. Although the current economic climate creates both cashflow and profitability risks for the company, the directors believe on balance that they have sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements, on the basis of information currently available to them as at the point of approving these. Accordingly, these financial statements have been prepared on the going concern basis.
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.
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
Straight line over the life of the lease
Plant & machinery
18% reducing balance
Motor vehicles
5 years straight line
Fixtures & fittings
18% reducing balance
Computer equipment
18% reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Transfer Brand Solutions Limited
Notes to the Accounts
for the year ended 31 December 2022
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
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.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 January 2022
-
43,909
-
59,389
240
103,538
Additions
13,075
14,226
9,500
6,244
2,063
45,108
At 31 December 2022
13,075
58,135
9,500
65,633
2,303
148,646
At 1 January 2022
-
4,058
-
8,852
4
12,914
Charge for the year
5,315
8,138
158
9,226
598
23,435
At 31 December 2022
5,315
12,196
158
18,078
602
36,349
At 31 December 2022
7,760
45,939
9,342
47,555
1,701
112,297
At 31 December 2021
-
39,851
-
50,537
236
90,624
Amounts falling due within one year
Trade debtors
175,695
5,146
Other debtors
44,107
43,947
Transfer Brand Solutions Limited
Notes to the Accounts
for the year ended 31 December 2022
6
Creditors: amounts falling due within one year
2022
2021
Obligations under finance leases and hire purchase contracts
1,900
-
Taxes and social security
2,616
2,835
Other creditors
273,319
2,459
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
9,342
-
8
Deferred taxation
2022
2021
Accelerated capital allowances
21,336
-
Charged to the profit and loss account
21,336
-
Provision at end of year
21,336
-
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Transactions with related parties
At the period end there was an interest free loan to a director of £63,219 (2021: £Nil).
10
Average number of employees
During the year the average number of employees was 4 (2021: 3).