Registered number
03311339
Hanley Trade Frames Limited
Filleted Accounts
31 March 2023
Hanley Trade Frames Limited
Registered number: 03311339
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 167,652 206,816
Current assets
Stocks 41,818 46,418
Debtors 4 255,749 274,030
Cash at bank and in hand 570,907 434,533
868,474 754,981
Creditors: amounts falling due within one year 5 (279,084) (301,810)
Net current assets 589,390 453,171
Total assets less current liabilities 757,042 659,987
Creditors: amounts falling due after more than one year 6 (116,443) (164,120)
Provisions for liabilities (31,033) (38,270)
Net assets 609,566 457,597
Capital and reserves
Called up share capital 12 12
Profit and loss account 609,554 457,585
Shareholders' funds 609,566 457,597
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Steven A Thomas
Director
Approved by the board on 21 September 2023
Hanley Trade Frames Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 10% reducing balance
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured 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 carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 14
3 Tangible fixed assets
Expenditure on leasehold property Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 29,281 513,255 16,890 559,426
Additions - 3,000 - 3,000
At 31 March 2023 29,281 516,255 16,890 562,426
Depreciation
At 1 April 2022 23,884 319,859 8,867 352,610
Charge for the year 1,079 39,079 2,006 42,164
At 31 March 2023 24,963 358,938 10,873 394,774
Net book value
At 31 March 2023 4,318 157,317 6,017 167,652
At 31 March 2022 5,397 193,396 8,023 206,816
4 Debtors 2023 2022
£ £
Trade debtors 218,910 249,537
Loan to director see Note 8 8,484 7,682
Other debtors 28,355 16,811
255,749 274,030
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 34,667 34,846
Obligations under finance lease and hire purchase contracts 13,017 24,314
Trade creditors 137,367 139,551
Taxation and social security costs 91,708 99,182
Other creditors 2,325 3,917
279,084 301,810
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 107,765 142,427
Obligations under finance lease and hire purchase contracts 8,678 21,693
116,443 164,120
7 Loans 2023 2022
£ £
Creditors include:
Secured hire purchase liabilities 21,695 46,007
8 Loan to director
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
SA Thomas
Interest free and unsecured 7,682 8,802 (8,000) 8,484
7,682 8,802 (8,000) 8,484
9 Controlling party
The company is controlled by Steven A Thomas
10 Other information
Hanley Trade Frames Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8 Far Green Industrial Estate
Hanley
Stoke on Trent
Staffordshire
ST1 6AZ
Hanley Trade Frames Limited 03311339 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts April 2022 Steven A Thomas No description of principal activity 03311339 2021-04-01 2022-03-31 03311339 core:WithinOneYear 2022-03-31 03311339 core:AfterOneYear 2022-03-31 03311339 core:ShareCapital 2022-03-31 03311339 core:RetainedEarningsAccumulatedLosses 2022-03-31 03311339 2022-04-01 2023-03-31 03311339 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03311339 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03311339 bus:Director40 2022-04-01 2023-03-31 03311339 1 2022-04-01 2023-03-31 03311339 2 2022-04-01 2023-03-31 03311339 core:LandBuildings 2022-04-01 2023-03-31 03311339 core:PlantMachinery 2022-04-01 2023-03-31 03311339 core:Vehicles 2022-04-01 2023-03-31 03311339 bus:Director1 2022-04-01 2023-03-31 03311339 bus:Director1 1 2022-04-01 2023-03-31 03311339 countries:England 2022-04-01 2023-03-31 03311339 bus:FRS102 2022-04-01 2023-03-31 03311339 bus:FullAccounts 2022-04-01 2023-03-31 03311339 2023-03-31 03311339 core:WithinOneYear 2023-03-31 03311339 core:AfterOneYear 2023-03-31 03311339 core:ShareCapital 2023-03-31 03311339 core:RetainedEarningsAccumulatedLosses 2023-03-31 03311339 core:LandBuildings 2023-03-31 03311339 core:PlantMachinery 2023-03-31 03311339 core:Vehicles 2023-03-31 03311339 bus:Director1 1 2023-03-31 03311339 2022-03-31 03311339 core:LandBuildings 2022-03-31 03311339 core:PlantMachinery 2022-03-31 03311339 core:Vehicles 2022-03-31 03311339 bus:Director1 1 2022-03-31 iso4217:GBP xbrli:pure