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COMPANY REGISTRATION NUMBER: 08511689
Trucks and Tractors Ltd
Filleted Unaudited Financial Statements
31 May 2023
Trucks and Tractors Ltd
Financial Statements
Year ended 31 May 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Trucks and Tractors Ltd
Officers and Professional Advisers
The board of directors
Mr S Moody
Mr M Rowell
Registered office
27B Harmire Enterprise Park
Barnard Castle
County Durham
DL12 8BN
Accountants
Aspire Accounting and Tax
Chartered Certified Accountants
27B Harmire Enterprise Park
Barnard Castle
County Durham
DL12 8BN
Bankers
Barclays
Jenkins House
Bob Hardisty Drive
Bishop Auckland
Co Durham
DL14 7TH
Trucks and Tractors Ltd
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
403,990
294,831
Current assets
Stocks
44,300
32,840
Debtors
6
43,808
75,053
Cash at bank and in hand
292,433
123,748
---------
---------
380,541
231,641
Creditors: amounts falling due within one year
7
239,332
57,887
---------
---------
Net current assets
141,209
173,754
---------
---------
Total assets less current liabilities
545,199
468,585
Creditors: amounts falling due after more than one year
8
30,079
39,916
Provisions
32,126
32,126
---------
---------
Net assets
482,994
396,543
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
482,993
396,542
---------
---------
Shareholders funds
482,994
396,543
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Trucks and Tractors Ltd
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 22 December 2023 , and are signed on behalf of the board by:
Mr S Moody
Director
Company registration number: 08511689
Trucks and Tractors Ltd
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27B Harmire Enterprise Park, Barnard Castle, County Durham, DL12 8BN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2022
98,000
231,055
97,093
5,090
431,238
Additions
40,000
119,733
293
160,026
Disposals
( 19,151)
( 19,151)
---------
---------
--------
-------
---------
At 31 May 2023
138,000
331,637
97,093
5,383
572,113
---------
---------
--------
-------
---------
Depreciation
At 1 June 2022
85,136
48,486
2,785
136,407
Charge for the year
19,459
14,563
650
34,672
Disposals
( 2,956)
( 2,956)
---------
---------
--------
-------
---------
At 31 May 2023
101,639
63,049
3,435
168,123
---------
---------
--------
-------
---------
Carrying amount
At 31 May 2023
138,000
229,998
34,044
1,948
403,990
---------
---------
--------
-------
---------
At 31 May 2022
98,000
145,919
48,607
2,305
294,831
---------
---------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
43,712
75,051
Other debtors
96
2
--------
--------
43,808
75,053
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
185,478
21,202
Corporation tax
2,348
Social security and other taxes
5,299
28,467
Other creditors
46,207
8,218
---------
--------
239,332
57,887
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
30,079
39,916
--------
--------
9. Related party transactions
The company was under the control of Mr S Moody throughout the current and previous year. Mr S Moody is the major shareholder and Director. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.