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REGISTERED NUMBER: 02597575 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

TRIPLE R ENGINEERING LIMITED

TRIPLE R ENGINEERING LIMITED (REGISTERED NUMBER: 02597575)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TRIPLE R ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: S R Wadey
R Wadey
Ms J Mortimer Wadey





SECRETARY: Ms J Mortimer Wadey





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 02597575 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

TRIPLE R ENGINEERING LIMITED (REGISTERED NUMBER: 02597575)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 246,692 348,470

CURRENT ASSETS
Stocks 4 256,141 226,611
Debtors 5 386,327 406,690
Cash at bank 220,296 92,240
862,764 725,541
CREDITORS
Amounts falling due within one year 6 213,535 253,252
NET CURRENT ASSETS 649,229 472,289
TOTAL ASSETS LESS CURRENT
LIABILITIES

895,921

820,759

CREDITORS
Amounts falling due after more than one
year

7

(18,474

)

(30,153

)

PROVISIONS FOR LIABILITIES (10,404 ) (15,764 )
NET ASSETS 867,043 774,842

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 866,943 774,742
867,043 774,842

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TRIPLE R ENGINEERING LIMITED (REGISTERED NUMBER: 02597575)

BALANCE SHEET - continued
31 MARCH 2023


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:




Ms J Mortimer Wadey - Director R Wadey - Director




S R Wadey - Director


TRIPLE R ENGINEERING LIMITED (REGISTERED NUMBER: 02597575)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

TRIPLE R ENGINEERING LIMITED (REGISTERED NUMBER: 02597575)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2022 354,097 27,571 262,018 955 644,641
Additions 8,182 - - 130 8,312
Disposals (35,500 ) - - - (35,500 )
Revaluations (2,000 ) - - - (2,000 )
At 31 March 2023 324,779 27,571 262,018 1,085 615,453
DEPRECIATION
At 1 April 2022 93,826 25,280 176,878 187 296,171
Charge for year 59,388 573 21,285 219 81,465
Eliminated on disposal (8,875 ) - - - (8,875 )
At 31 March 2023 144,339 25,853 198,163 406 368,761
NET BOOK VALUE
At 31 March 2023 180,440 1,718 63,855 679 246,692
At 31 March 2022 260,271 2,291 85,140 768 348,470

Cost or valuation at 31 March 2023 is represented by:

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2023 (2,000 ) - - - (2,000 )
Cost 326,779 27,571 262,018 1,085 617,453
324,779 27,571 262,018 1,085 615,453

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 April 2022
and 31 March 2023 109,110
DEPRECIATION
At 1 April 2022 41,553
Charge for year 16,890
At 31 March 2023 58,443
NET BOOK VALUE
At 31 March 2023 50,667
At 31 March 2022 67,557

4. STOCKS
2023 2022
£    £   
Stocks 256,141 226,611

TRIPLE R ENGINEERING LIMITED (REGISTERED NUMBER: 02597575)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 338,832 368,131
Amounts owed by group undertakings - 5,416
Other debtors 16,915 16,651
Directors' loan accounts 17,767 -
Prepayments 12,813 16,492
386,327 406,690

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5 5
Hire purchase contracts 11,680 16,435
Trade creditors 61,613 123,289
Amounts owed to group undertakings 834 -
Tax 57,017 43,446
Social security and other taxes 8,608 11,758
VAT 66,729 51,992
Other creditors 2,222 2,643
Directors' loan accounts 171 748
Accrued expenses 4,656 2,936
213,535 253,252

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 18,474 30,153

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
R Wadey
Balance outstanding at start of year (163 ) -
Amounts advanced 37,055 9,837
Amounts repaid (19,126 ) (10,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,766 (163 )

During the year, Mr S Wadey increased his loan to the company. As at 31 March 2023, the company owed him £72 (2022: £43). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

During the year, Ms J Mortimer Wadey decreased her loan to the company. As at 31 March 2023, the company owed her £99 (2022: £542). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms J Wadey & Mr R Wadey.

This was by virtue of their 80% holding of the issued share capital.