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COMPANY REGISTRATION NUMBER: 11328135
TRIBUSIT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
TRIBUSIT LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 1 JULY 2022 TO 31 MARCH 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
TRIBUSIT LIMITED
BALANCE SHEET
31 March 2023
31 Mar 23
30 Jun 22
Note
£
£
Fixed assets
Tangible assets
5
769
1,368
Current assets
Debtors
6
36,177
32,623
Cash at bank and in hand
49,199
59,648
------------
------------
85,376
92,271
Creditors: amounts falling due within one year
7
( 25,341)
( 32,691)
------------
------------
Net current assets
60,035
59,580
------------
------------
Total assets less current liabilities
60,804
60,948
Creditors: amounts falling due after more than one year
8
( 44,933)
( 46,776)
------------
------------
Net assets
15,871
14,172
------------
------------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
15,771
14,072
------------
------------
Shareholders funds
15,871
14,172
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 August 2023 , and are signed on behalf of the board by:
Mr J A Clark
Director
Company registration number: 11328135
TRIBUSIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JULY 2022 TO 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Studio 53, The Glass Box, 6 Friendly Street, Huddersfield, West Yorkshire, HD1 1RD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
15% reducing balance
Computer equipment
-
33% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).
5. Tangible assets
Office equipment
Computer equipment
Total
£
£
£
Cost
At 1 July 2022 and 31 March 2023
1,003
4,484
5,487
------------
------------
------------
Depreciation
At 1 July 2022
315
3,804
4,119
Charge for the period
103
496
599
------------
------------
------------
At 31 March 2023
418
4,300
4,718
------------
------------
------------
Carrying amount
At 31 March 2023
585
184
769
------------
------------
------------
At 30 June 2022
688
680
1,368
------------
------------
------------
6. Debtors
31 Mar 23
30 Jun 22
£
£
Trade debtors
35,190
32,397
Director's loan account
987
226
------------
------------
36,177
32,623
------------
------------
7. Creditors: amounts falling due within one year
31 Mar 23
30 Jun 22
£
£
Bank loans and overdrafts
5,691
3,848
Trade creditors
5,021
21,898
Social security and other taxes
11,466
6,945
Other creditor
3,163
------------
------------
25,341
32,691
------------
------------
8. Creditors: amounts falling due after more than one year
31 Mar 23
30 Jun 22
£
£
Bank loans and overdrafts
44,933
46,776
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £18,513 (2022: £22,323) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
31 Mar 23
30 Jun 22
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 23
30 Jun 22
£
£
Later than 5 years
15,300
------------
------------
11. Director's advances, credits and guarantees
Included in debtors is a loan to the director, amounting to : £ Overdrawn amount outstanding at end of the year 987 Amount outstanding at beginning of the year 226 Maximum overdrawing during the year 987 The loan will be repaid in full within nine months of the company's year end.
12. Related party transactions
The company is controlled by the directors.