Registered number
12724115
Transact Investment Ltd
Filleted Accounts
30 November 2022
Transact Investment Ltd
Registered number: 12724115
Balance Sheet
as at 30 November 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 471,683 321,594
Current assets
Debtors 4 30,192 26,716
Cash at bank and in hand 38,120 2,459
68,312 29,175
Creditors: amounts falling due within one year 5 (55,594) (55,390)
Net current assets/(liabilities) 12,718 (26,215)
Total assets less current liabilities 484,401 295,379
Creditors: amounts falling due after more than one year 6 (25,297) (191,114)
Net assets 459,104 104,265
Capital and reserves
Called up share capital 100 100
Profit and loss account 459,004 104,165
Shareholders' funds 459,104 104,265
The director is 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 director acknowledges his 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.
Omar Muhammed Juma
Director
Approved by the board on 22 September 2023
Transact Investment Ltd
Notes to the Accounts
for the period from 1 August 2021 to 30 November 2022
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.
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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 August 2021 321,594
Additions 150,089
At 30 November 2022 471,683
Depreciation
At 30 November 2022 -
Net book value
At 30 November 2022 471,683
At 31 July 2021 321,594
4 Debtors 2022 2021
£ £
Other debtors 30,192 26,716
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 30 -
Taxation and social security costs 54,914 54,915
Other creditors 650 475
55,594 55,390
6 Creditors: amounts falling due after one year 2022 2021
£ £
Director loan 25,297 191,114
7 Other information
Transact Investment Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Bay Horse
11 Helmshore Road
Haslingden
Rossendale
BB4 4BG
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