2022-04-012023-03-312023-03-31false06179796Transparent Procurement 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Transparent Procurement Limited

Registered Number
06179796
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Transparent Procurement Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

W S Peddie

Registered Address

95 Wellmeadow Road
London
Greater London
SE6 1HN

Registered Number

06179796 (England and Wales)
Transparent Procurement Limited
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets8952-
952-
Current assets
Debtors106,7396,848
Cash at bank and on hand75,45048,197
82,18955,045
Creditors amounts falling due within one year1147,68326,948
Net current assets (liabilities)34,50628,097
Total assets less current liabilities35,45828,097
Net assets35,45828,097
Capital and reserves
Called up share capital1010
Profit and loss account35,44828,087
Shareholders' funds35,45828,097
The financial statements were approved and authorised for issue by the Director on 30 January 2024, and are signed on its behalf by:
W S Peddie
Director
Registered Company No. 06179796
Transparent Procurement Limited
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
Transparent Procurement Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
3.Principal activities
The principal activity of the company in the year under review was that of consultancy services.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment policy
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment4
Revenue recognition policy
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.
Taxation policy
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax policy
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.
Employee benefits policy
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
Valuation of financial instruments policy
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Cash and cash equivalents comprise cash on hand and demand 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 to changes in value.
6.Critical estimates and judgements
There are no significant judgements or estimates used in the preparation of these financial statements.
7.Employee information

20232022
Average number of employees during the year11
8.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
Additions1,1151,115
At 31 March 231,1151,115
Depreciation and impairment
Charge for year163163
At 31 March 23163163
Net book value
At 31 March 23952952
At 31 March 22--
9.Description of nature of transactions and balances with related parties
During the year the company paid dividends of £79,000 (2022: £54,340) to the director. During the year the company made advances available to the director totalling £74,855 (2022: £70,822) and received repayments from the director totalling £74,855 (2022: £81,504). At the reporting year end date an amount of £13,557 (2022: £4,145) was owed to the director. The loan is interest free and repayable on demand.
10.Debtors

2023

2022

££
Other debtors6,7396,848
Total6,7396,848
11.Creditors within one year

2023

2022

££
Taxation and social security34,12622,803
Other creditors13,5574,145
Total47,68326,948