1 January 2022 v2023.21.1 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBP023530722022-01-012022-12-31023530722022-12-31023530722021-12-3102353072core:WithinOneYear2022-12-3102353072core:WithinOneYear2021-12-3102353072core:ShareCapital2022-12-3102353072core:ShareCapital2021-12-3102353072core:RetainedEarningsAccumulatedLosses2022-12-3102353072core:RetainedEarningsAccumulatedLosses2021-12-3102353072bus:Director12022-01-012022-12-3102353072bus:RegisteredOffice2022-01-012022-12-3102353072core:PlantMachinery2022-01-012022-12-3102353072core:FurnitureFittings2022-01-012022-12-3102353072core:OfficeEquipment2022-01-012022-12-31023530722021-01-012021-12-3102353072core:PlantMachinery2022-01-0102353072core:PlantMachinery2022-12-3102353072core:PlantMachinery2021-12-310235307212022-01-012022-12-3102353072countries:EnglandWales2022-01-012022-12-3102353072bus:AuditExemptWithAccountantsReport2022-01-012022-12-3102353072bus:PrivateLimitedCompanyLtd2022-01-012022-12-3102353072bus:SmallEntities2022-01-012022-12-3102353072bus:FullAccounts2022-01-012022-12-31
Company registration number:
02353072
Trailertek Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2022
Trailertek Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Trailertek Limited
Year ended
31 December 2022
As described on the statement of financial position, the Board of Directors of
Trailertek Limited
are responsible for the preparation of the
financial statements
for the year ended
31 December 2022
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Sort Your Accounts Hampshire Ltd
87 The Hundred
Romsey
Hampshire
SO51 8BZ
United Kingdom
Trailertek Limited
Statement of Financial Position
31 December 2022
20222021
Note££
Fixed assets    
Tangible assets 5
40,411
 
33,173
 
Current assets    
Stocks
424,711
 
317,300
 
Debtors 6
1,067,758
 
1,040,933
 
Cash at bank and in hand
36,190
 
90,021
 
1,528,659
 
1,448,254
 
Creditors: amounts falling due within one year 7
(434,445
)
(332,293
)
Net current assets
1,094,214
 
1,115,961
 
Total assets less current liabilities 1,134,625   1,149,134  
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
1,134,623
 
1,149,132
 
Shareholders funds
1,134,625
 
1,149,134
 
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.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
15 September 2023
, and are signed on behalf of the board by:
J Arney
Director
Company registration number:
02353072
Trailertek Limited
Notes to the Financial Statements
Year ended
31 December 2022

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
The Barn, Warren Farm Andover Road
,
Micheldever Station
,
Winchester
,
Hampshire
,
SO21 3AS
, England.

2 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.

3 Accounting policies

Basis of preparation

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

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.

GOING CONCERN

The company has made a loss after tax for the year ended 31st December 2022 of £14,509 (2021: profit of £204,136 ) under difficult trading conditions. The directors regularly review performance, working to implement improvement plans to ensure the future success of the company. The accounts have been prepared on the going concern basis and the directors confirm that they are satisfied that the company has adequate resources to continue as a going concern for the foreseeable future.

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. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company’s activities.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% straight line
Fixtures and fittings
25% straight line
Office equipment
25% straight line

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 (FIFO) 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 subsequently measured at amortised cost using the effective interest method.

Defined contribution pension plan

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2021:
5
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2022
92,098
 
Additions
15,512
 
At
31 December 2022
107,610
 
Depreciation  
At
1 January 2022
58,925
 
Charge
8,274
 
At
31 December 2022
67,199
 
Carrying amount  
At
31 December 2022
40,411
 
At 31 December 2021
33,173
 

6 Debtors

20222021
££
Trade debtors
20,219
 
22,927
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
995,875
 
995,875
 
Other debtors
51,664
 
22,131
 
1,067,758
 
1,040,933
 

7 Creditors: amounts falling due within one year

20222021
££
Bank loans and overdrafts
34,841
 
44,487
 
Trade creditors
285,982
 
234,526
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
50,717
  -  
Taxation and social security
10,056
 
7,824
 
Other creditors
52,849
 
45,456
 
434,445
 
332,293