Registered number
11717681
Tramways Limited
Filleted Accounts
31 October 2022
Tramways Limited
Registered number: 11717681
Balance Sheet
as at 31 October 2022
Notes 2022
£
Fixed assets
Intangible assets 3 88,000
Tangible assets 4 12,708
100,708
Current assets
Debtors 5 3,250
Cash at bank and in hand 27,172
30,422
Creditors: amounts falling due within one year 6 (110,224)
Net current liabilities (79,802)
Total assets less current liabilities 20,906
Provisions for liabilities (2,415)
Net assets 18,491
Capital and reserves
Called up share capital 100
Profit and loss account 18,391
Shareholders' funds 18,491
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 her 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.
Mary Veronica Musselwhite
Director
Approved by the board on 18 October 2023
Tramways Limited
Notes to the Accounts
for the year ended 31 October 2022
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 25% reducing balance
Leasehold improvements 10% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022
Number
Average number of persons employed by the company 7
3 Intangible fixed assets £
Goodwill:
Cost
Additions 110,000
At 31 October 2022 110,000
Amortisation
Provided during the year 22,000
At 31 October 2022 22,000
Net book value
At 31 October 2022 88,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
Additions 11,270 3,420 14,690
At 31 October 2022 11,270 3,420 14,690
Depreciation
Charge for the year 1,127 855 1,982
At 31 October 2022 1,127 855 1,982
Net book value
At 31 October 2022 10,143 2,565 12,708
5 Debtors 2022
£
Other debtors 3,250
6 Creditors: amounts falling due within one year 2022
£
Taxation and social security costs 15,618
Other creditors 94,606
110,224
7 Basis of preparation
At the period end, the company’s balance sheet showed net current liabilities of £79,802. This includes £93,647 payable to Mrs Mary Veronica Musselwhite, director. The director has indicated that she will continue to support the company financially until such time that it can afford to repay her. On this basis, the director feels it is appropriate that the accounts are prepared on a going concern basis.
8 Related party transactions
At the period end, the company owed £93,647 to Mrs Mary Veronica Musselwhite, Director. The loan is interest free and repayable after less than one year.
9 Controlling party
The company is ultimately controlled by Mary Veronica Musselwhite, director, who owns 100% of the issued share capital.
10 Other information
Tramways Limited is a private company limited by shares and incorporated in England. Its registered office is:
Tre-Ru House
The Leats
Truro
Cornwall
TR1 3AG
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