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COMPANY REGISTRATION NUMBER: 9923467
Totronics Limited
Filleted Unaudited Financial Statements
31 December 2023
Totronics Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Debtors
4
374
419
Cash at bank and in hand
709
380
-------
----
1,083
799
Creditors: amounts falling due within one year
5
2,898
2,003
-------
-------
Net current liabilities
1,815
1,204
-------
-------
Total assets less current liabilities
( 1,815)
( 1,204)
-------
-------
Net liabilities
( 1,815)
( 1,204)
-------
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 1,817)
( 1,206)
-------
-------
Shareholder deficit
( 1,815)
( 1,204)
-------
-------
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 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has 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 .
These financial statements were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
Mr Chi Tong To
Director
Company registration number: 9923467
Totronics Limited
Notes to the Financial Statements
Year ended 31 December 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 24 Bridge Street, Newport, NP20 4SF, South Wales.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Having reviewed the plans and future projections of the company, and with his continued support, the Director is confident that the business will continue to trade for at least the next 12 months. The company has net liabilities of £1,815 as at 31 December 2023 including the director's loan due less than one year of £2,598. The director does not intend to seek repayment of this loan until such time that the company has fully recommenced trading and has sufficient funds.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Debtors
2023
2022
£
£
Other debtors
374
419
----
----
5. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
2,898
2,003
-------
-------
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr Chi Tong To
( 1,598)
( 1,000)
( 2,598)
-------
-------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr Chi Tong To
( 598)
( 1,000)
( 1,598)
----
-------
-------