Trailer Vision Ltd 07427963 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is supplying commercial and industrial vehicle safety systems Digita Accounts Production Advanced 6.30.9574.0 true 07427963 2022-04-01 2023-03-31 07427963 2023-03-31 07427963 bus:OrdinaryShareClass1 2023-03-31 07427963 core:RetainedEarningsAccumulatedLosses 2023-03-31 07427963 core:ShareCapital 2023-03-31 07427963 core:CurrentFinancialInstruments 2023-03-31 07427963 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07427963 core:Non-currentFinancialInstruments 2023-03-31 07427963 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07427963 core:Goodwill 2023-03-31 07427963 core:FurnitureFittingsToolsEquipment 2023-03-31 07427963 core:MotorVehicles 2023-03-31 07427963 bus:SmallEntities 2022-04-01 2023-03-31 07427963 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07427963 bus:FullAccounts 2022-04-01 2023-03-31 07427963 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07427963 bus:RegisteredOffice 2022-04-01 2023-03-31 07427963 bus:Director1 2022-04-01 2023-03-31 07427963 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07427963 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07427963 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 07427963 core:ShareCapital 2022-04-01 2023-03-31 07427963 core:Goodwill 2022-04-01 2023-03-31 07427963 core:ComputerEquipment 2022-04-01 2023-03-31 07427963 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07427963 core:LeaseholdImprovements 2022-04-01 2023-03-31 07427963 core:MotorVehicles 2022-04-01 2023-03-31 07427963 core:PlantMachinery 2022-04-01 2023-03-31 07427963 countries:EnglandWales 2022-04-01 2023-03-31 07427963 2022-03-31 07427963 core:RetainedEarningsAccumulatedLosses 2022-03-31 07427963 core:RetainedEarningsAccumulatedLosses core:PriorPeriodIncreaseDecrease 2022-03-31 07427963 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2022-03-31 07427963 core:ShareCapital 2022-03-31 07427963 core:ShareCapital core:PriorPeriodIncreaseDecrease 2022-03-31 07427963 core:ShareCapital core:RestatedAmount 2022-03-31 07427963 core:Goodwill 2022-03-31 07427963 core:FurnitureFittingsToolsEquipment 2022-03-31 07427963 core:MotorVehicles 2022-03-31 07427963 core:PriorPeriodIncreaseDecrease 2022-03-31 07427963 core:RestatedAmount 2022-03-31 07427963 2021-04-01 2022-03-31 07427963 2022-03-31 07427963 bus:OrdinaryShareClass1 2022-03-31 07427963 core:RetainedEarningsAccumulatedLosses 2022-03-31 07427963 core:ShareCapital 2022-03-31 07427963 core:CurrentFinancialInstruments 2022-03-31 07427963 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07427963 core:Non-currentFinancialInstruments 2022-03-31 07427963 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 07427963 core:FurnitureFittingsToolsEquipment 2022-03-31 07427963 core:MotorVehicles 2022-03-31 07427963 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 07427963 core:ShareCapital 2021-04-01 2022-03-31 07427963 2021-03-31 07427963 core:RetainedEarningsAccumulatedLosses 2021-03-31 07427963 core:RetainedEarningsAccumulatedLosses core:PriorPeriodIncreaseDecrease 2021-03-31 07427963 core:ShareCapital 2021-03-31 07427963 core:ShareCapital core:PriorPeriodIncreaseDecrease 2021-03-31 07427963 core:PriorPeriodIncreaseDecrease 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07427963

Trailer Vision Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Trailer Vision Ltd

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Trailer Vision Ltd

Company Information

Director

Mr Richard Skelt

Registered office

72A The Paddocks
Folksworth Road
Norman Cross
Peterborough
Cambridgeshire
PE7 3SP

Accountants

Kaki Sher
AIMS Accountants for Business
38 Holford Way
Luton
Bedfordshire
LU3 4EY

 

Trailer Vision Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

30,104

71,693

Total comprehensive income for the year

30,104

71,693

 

Trailer Vision Ltd

(Registration number: 07427963)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

79,821

90,693

Current assets

 

Stocks

7

218,027

298,574

Debtors

8

151,741

112,715

Cash at bank and in hand

 

54,612

66,173

 

424,380

477,462

Creditors: Amounts falling due within one year

9

(17,369)

(46,428)

Net current assets

 

407,011

431,034

Total assets less current liabilities

 

486,832

521,727

Creditors: Amounts falling due after more than one year

9

(33,333)

(43,333)

Net assets

 

453,499

478,394

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

453,399

478,294

Shareholders' funds

 

453,499

478,394

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 20 October 2023
 

.........................................
Mr Richard Skelt
Director

 

Trailer Vision Ltd

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

478,294

478,394

Prior period adjustment

-

11,285

11,285

At 1 April 2022 (As restated)

100

489,579

489,679

Profit for the year

-

30,104

30,104

Dividends

-

(66,284)

(66,284)

At 31 March 2023

100

453,399

453,499

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

100

546,384

546,484

Prior period adjustment

-

17,501

17,501

Profit for the year

-

71,693

71,693

Dividends

-

(157,284)

(157,284)

At 31 March 2022

100

478,294

478,394

 

Trailer Vision Ltd

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 and Wales.

The address of its registered office is:
72A The Paddocks
Folksworth Road
Norman Cross
Peterborough
Cambridgeshire
PE7 3SP
United Kingdom

These financial statements were authorised for issue by the director on 20 October 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Trailer Vision Ltd

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.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

Leasehold improvements

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10-year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Trailer Vision Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

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.

 

Trailer Vision Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

23,123

20,345

 

Trailer Vision Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

74,000

74,000

At 31 March 2023

74,000

74,000

Amortisation

At 1 April 2022

74,000

74,000

At 31 March 2023

74,000

74,000

Carrying amount

At 31 March 2023

-

-

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

12,933

133,698

146,631

Additions

12,252

-

12,252

At 31 March 2023

25,185

133,698

158,883

Depreciation

At 1 April 2022

1,293

54,645

55,938

Charge for the year

3,361

19,763

23,124

At 31 March 2023

4,654

74,408

79,062

Carrying amount

At 31 March 2023

20,531

59,290

79,821

At 31 March 2022

11,640

79,053

90,693

7

Stocks

2023
£

2022
£

Other inventories

218,027

298,574

 

Trailer Vision Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Debtors

Current

2023
£

2022
£

Trade debtors

101,899

112,715

Prepayments

4,250

-

Other debtors

45,592

-

 

151,741

112,715

 

Trailer Vision Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,714

29,203

Taxation and social security

15,123

16,948

Other creditors

532

277

17,369

46,428

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

33,333

43,333

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,333

43,333

12

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £662.84 (2022 - £1,572.84) per ordinary share

 

66,284

 

157,284