Registered number
06171214
Transformation Partners (Wales) Limited
Filleted Accounts
31 March 2023
Transformation Partners (Wales) Limited
Registered number: 06171214
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,436 5,524
Current assets
Debtors 4 4,049 5,359
Cash at bank and in hand 67,221 92,248
71,270 97,607
Creditors: amounts falling due within one year 5 (6,913) (39,865)
Net current assets 64,357 57,742
Total assets less current liabilities 69,793 63,266
Provisions for liabilities (1,024) (1,038)
Net assets 68,769 62,228
Capital and reserves
Called up share capital 4 4
Profit and loss account 68,765 62,224
Shareholders' funds 68,769 62,228
The directors are 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 directors acknowledge their 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.
P Hain
Director
Approved by the board on 15 November 2023
Transformation Partners (Wales) 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:
Office equipment 15% 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 4 3
3 Tangible fixed assets
Office equipment
£
Cost
At 1 April 2022 19,869
Additions 873
At 31 March 2023 20,742
Depreciation
At 1 April 2022 14,345
Charge for the year 961
At 31 March 2023 15,306
Net book value
At 31 March 2023 5,436
At 31 March 2022 5,524
4 Debtors 2023 2022
£ £
Trade debtors 4,049 5,359
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 55 11
Taxation and social security costs (2,246) 12,676
Other creditors 9,104 27,178
6,913 39,865
6 Transactions with the directors 2023
£
The company afforded its directors the facility of a current account during the year. Transactions on this account are detailed below in summary form:
Balance brought forward-due the directors 22,357
Undrawn salaries 15,609
Mileage claims credited 2,682
Use of home 1,040
Directors' out-of-pocket company expenditure 1,845
Directors' out-of-pocket company expenditure 4,000
Advance to director (22,000)
Net personal expenditure settled by the company (21,665)
Balance carried forward-due the directors 3,868
7 Other information
Transformation Partners (Wales) Limited is a private company limited by shares and incorporated in Wales. Its registered office is:
98 Plymouth Road
Penarth
Vale of Glamorgan
CF64 5DL
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