Transformer Systems Limited 05229243 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Design/installation of storage solutions Digita Accounts Production Advanced 6.30.9574.0 true true 05229243 2022-04-01 2023-03-31 05229243 2023-03-31 05229243 core:RetainedEarningsAccumulatedLosses 2023-03-31 05229243 core:ShareCapital 2023-03-31 05229243 core:CurrentFinancialInstruments 2023-03-31 05229243 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05229243 core:Non-currentFinancialInstruments 2023-03-31 05229243 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05229243 core:FurnitureFittingsToolsEquipment 2023-03-31 05229243 core:MotorVehicles 2023-03-31 05229243 core:OtherPropertyPlantEquipment 2023-03-31 05229243 bus:SmallEntities 2022-04-01 2023-03-31 05229243 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05229243 bus:FullAccounts 2022-04-01 2023-03-31 05229243 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05229243 bus:RegisteredOffice 2022-04-01 2023-03-31 05229243 bus:Director1 2022-04-01 2023-03-31 05229243 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05229243 core:ComputerEquipment 2022-04-01 2023-03-31 05229243 core:FurnitureFittings 2022-04-01 2023-03-31 05229243 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 05229243 core:MotorVehicles 2022-04-01 2023-03-31 05229243 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 05229243 core:PlantMachinery 2022-04-01 2023-03-31 05229243 countries:England 2022-04-01 2023-03-31 05229243 2022-03-31 05229243 core:FurnitureFittingsToolsEquipment 2022-03-31 05229243 core:MotorVehicles 2022-03-31 05229243 core:OtherPropertyPlantEquipment 2022-03-31 05229243 2021-04-01 2022-03-31 05229243 2022-03-31 05229243 core:RetainedEarningsAccumulatedLosses 2022-03-31 05229243 core:ShareCapital 2022-03-31 05229243 core:CurrentFinancialInstruments 2022-03-31 05229243 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05229243 core:Non-currentFinancialInstruments 2022-03-31 05229243 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05229243 core:FurnitureFittingsToolsEquipment 2022-03-31 05229243 core:MotorVehicles 2022-03-31 05229243 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05229243

Transformer Systems Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 31 March 2023

 

Transformer Systems Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Transformer Systems Limited

(Registration number: 05229243)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

7,671

 

9,100

Current assets

   

 

Stocks

5

100,535

 

88,176

 

Debtors

6

85,015

 

230,593

 

Cash at bank and in hand

 

392,903

 

370,859

 

 

578,453

 

689,628

 

Creditors: Amounts falling due within one year

7

(254,013)

 

(406,448)

 

Net current assets

   

324,440

 

283,180

Total assets less current liabilities

   

332,111

 

292,280

Creditors: Amounts falling due after more than one year

7

 

(22,418)

 

(32,387)

Provisions for liabilities

 

(1,918)

 

(1,729)

Net assets

   

307,775

 

258,164

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

307,675

 

258,064

 

Total equity

   

307,775

 

258,164

 

Transformer Systems Limited

(Registration number: 05229243)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 November 2023 and signed on its behalf by:
 

.........................................
Mr N.H. McLoughlin
Director

 

Transformer Systems Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
38 Whitehouse Street
Leeds
West Yorkshire
LS10 1AD
United Kingdom

These financial statements were authorised for issue by the Board on 16 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 , including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared using the historical cost convention.

The financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Government grants

Grants relating to capital projects are recorded in deferred income and released to profit and loss over the expected useful life of the assets. Grants towards revenue expenditure are recognised in the profit and loss account when the Company has entitlement to the income and the amount receivable can be measured reliably.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. 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.

 

Transformer Systems Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% Reducing Balance

Fixtures & Fittings

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Computer Equipment

25% Straight Line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Transformer Systems Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 6).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

21,464

11,420

12,480

45,364

Additions

639

-

1,179

1,818

At 31 March 2023

22,103

11,420

13,659

47,182

Depreciation

At 1 April 2022

19,713

7,935

8,616

36,264

Charge for the year

1,163

871

1,213

3,247

At 31 March 2023

20,876

8,806

9,829

39,511

Carrying amount

At 31 March 2023

1,227

2,614

3,830

7,671

At 31 March 2022

1,751

3,485

3,864

9,100

 

Transformer Systems Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2023

5

Stocks

2023
£

2022
£

Other inventories

100,535

88,176

6

Debtors

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

64,721

176,030

Prepayments

8,348

7,560

Other debtors

11,946

47,003

 

85,015

230,593

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Loans and borrowings

9,953

9,693

Trade creditors

149,851

199,247

Taxation and social security

50,429

67,407

Other creditors

43,780

130,101

254,013

406,448

Due after one year

Loans and borrowings

22,418

32,387

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,953

9,693

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,418

32,387