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Company registration number: 11447395
Trowler A W Limited
Unaudited filleted financial statements
31 July 2023
Trowler A W Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Trowler A W Limited
Directors and other information
Director A Trowler
Secretary C Trowler
Company number 11447395
Registered office Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Business address 28 Phillips Lane
Formby
Merseyside
L34 4AZ
Accountants Leach Briely
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Bankers Santander
Customer Service Centre
Bootle
Merseyside
L30 4GB
Trowler A W Limited
Accountants report to the director on the preparation of the
unaudited statutory financial statements of Trowler A W Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Trowler A W Limited for the year ended 31 July 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Assosiation of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the director of Trowler A W Limited, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Trowler A W Limited and state those matters that we have agreed to state to them, in this report in accordance with the requirements of the Assosiation of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trowler A W Limited and its director for our work or for this report.
It is your duty to ensure that Trowler A W Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Trowler A W Limited. You consider that Trowler A W Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Trowler A W Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Leach Briely
Accountants
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
30 October 2023
Trowler A W Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 7 6,000 7,000
Tangible assets 8 76,189 15,955
_______ _______
82,189 22,955
Current assets
Stocks 33,850 33,500
Debtors 9 233,904 162,388
Cash at bank and in hand 29,408 72,016
_______ _______
297,162 267,904
Creditors: amounts falling due
within one year 10 ( 59,883) ( 63,558)
_______ _______
Net current assets 237,279 204,346
_______ _______
Total assets less current liabilities 319,468 227,301
Creditors: amounts falling due
after more than one year 11 ( 72,917) ( 38,750)
Provisions for liabilities 12 ( 20,190) ( 3,989)
_______ _______
Net assets 226,361 184,562
_______ _______
Capital and reserves
Called up share capital 14 1 1
Profit and loss account 226,360 184,561
_______ _______
Shareholder funds 226,361 184,562
_______ _______
For the year ending 31 July 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 October 2023 , and are signed on behalf of the board by:
A Trowler
Director
Company registration number: 11447395
Trowler A W Limited
Notes to the financial statements
Year ended 31 July 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 Craven House, 32 Lee Lane, Horwich, Bolton, BL6 7BY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Franchise fee - 10 % straight line
Tangible assets
Tangible assets are initially recorded at cost and are 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:
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Stocks
Stocks are measured at estimated cost.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, and impairment loss is recognised in the Statement of income and retained earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Interest payable and similar expenses
2023 2022
£ £
Bank loan 1,531 1,669
Other loans made to the company:
Finance leases and hire purchase contracts 1,145 1,840
_______ _______
2,676 3,509
_______ _______
6. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 11,547 24,336
_______ _______
Deferred tax:
Origination and reversal of timing differences 16,201 ( 1,306)
_______ _______
Tax on profit 27,748 23,030
_______ _______
7. Intangible assets
Franchise fee Total
£ £
Cost
At 1 August 2022 and 31 July 2023 10,000 10,000
_______ _______
Amortisation
At 1 August 2022 3,000 3,000
Charge for the year 1,000 1,000
_______ _______
At 31 July 2023 4,000 4,000
_______ _______
Carrying amount
At 31 July 2023 6,000 6,000
_______ _______
At 31 July 2022 7,000 7,000
_______ _______
8. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 August 2022 2,045 40,100 42,145
Additions - 70,000 70,000
_______ _______ _______
At 31 July 2023 2,045 110,100 112,145
_______ _______ _______
Depreciation
At 1 August 2022 932 25,258 26,190
Charge for the year 222 9,544 9,766
_______ _______ _______
At 31 July 2023 1,154 34,802 35,956
_______ _______ _______
Carrying amount
At 31 July 2023 891 75,298 76,189
_______ _______ _______
At 31 July 2022 1,113 14,842 15,955
_______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 July 2023 64,167
_______
At 31 July 2022 12,023
_______
9. Debtors
2023 2022
£ £
Trade debtors 50,766 66,926
Other debtors 183,138 95,462
_______ _______
233,904 162,388
_______ _______
10. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loan 5,000 5,000
Trade creditors 23,670 18,992
Corporation tax 11,547 24,336
Social security and other taxes 334 8,246
Other creditors 19,332 6,984
_______ _______
59,883 63,558
_______ _______
11. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loan 33,750 38,750
Other creditors 39,167 -
_______ _______
72,917 38,750
_______ _______
The bank loan is repayable by monthly instalments to 30th June 2031. Instalments falling due after 31st July 2028 amount to £13,750.
12. Provisions
Deferred tax (note 13) Total
£ £
At 1 August 2022 3,989 3,989
Additions 16,201 16,201
_______ _______
At 31 July 2023 20,190 20,190
_______ _______
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 12) 20,190 3,989
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 20,190 3,989
_______ _______
14. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
15. Directors advances, credits and guarantees
Other debtors includes £160,941 in respect of cumulative net advances made to the director by the company. The advances are interest free with no specific terms of repayment.