Registered number
09494062
Tres Corazones Limited
Filleted Accounts
31 March 2023
Tres Corazones Limited
Registered number: 09494062
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 142,541 155,499
Tangible assets 4 16,416 22,474
158,957 177,973
Current assets
Stocks 6,768 6,006
Debtors 5 9,238 12,103
Cash at bank and in hand 66,023 46,612
82,029 64,721
Creditors: amounts falling due within one year 6 (88,461) (69,803)
Net current liabilities (6,432) (5,082)
Total assets less current liabilities 152,525 172,891
Creditors: amounts falling due after more than one year 7 (21,667) (31,667)
Net assets 130,858 141,224
Capital and reserves
Called up share capital 1,000 1,000
Share premium 99,600 99,600
Profit and loss account 30,258 40,624
Shareholders' funds 130,858 141,224
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.
Mr M Forgham
Director
Approved by the board on 22 November 2023
Tres Corazones 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 19 16
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 219,997
At 31 March 2023 219,997
Amortisation
At 1 April 2022 64,498
Provided during the year 12,958
At 31 March 2023 77,456
Net book value
At 31 March 2023 142,541
At 31 March 2022 155,499
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 62,319
Additions 4,241
At 31 March 2023 66,560
Depreciation
At 1 April 2022 39,845
Charge for the year 10,299
At 31 March 2023 50,144
Net book value
At 31 March 2023 16,416
At 31 March 2022 22,474
5 Debtors 2023 2022
£ £
Trade debtors 3,247 3,512
Other debtors 5,991 8,591
9,238 12,103
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 28,647 26,594
Taxation and social security costs 27,580 20,948
Other creditors 22,234 12,261
88,461 69,803
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,667 31,667
8 Related party transactions
At the balance sheet date, included in other creditors the directors were owed the following:
2023 2022
£ £
Mr M Forgham 2,000 64
Mr N Ayerst 2,000 64
Mr G King 2,000 64
9 Controlling party
As at the balance sheet date, there was no controlling party.
Other information
Tres Corazones Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Pound Street
Wendover
Bucks
HP22 6EJ
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