Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false172022-10-01falseNo description of principal activity17truetrue 05223942 2022-10-01 2023-09-30 05223942 2021-10-01 2022-09-30 05223942 2023-09-30 05223942 2022-09-30 05223942 c:Director1 2022-10-01 2023-09-30 05223942 d:PlantMachinery 2022-10-01 2023-09-30 05223942 d:PlantMachinery 2023-09-30 05223942 d:PlantMachinery 2022-09-30 05223942 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05223942 d:MotorVehicles 2022-10-01 2023-09-30 05223942 d:MotorVehicles 2023-09-30 05223942 d:MotorVehicles 2022-09-30 05223942 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05223942 d:FurnitureFittings 2022-10-01 2023-09-30 05223942 d:FurnitureFittings 2023-09-30 05223942 d:FurnitureFittings 2022-09-30 05223942 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05223942 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05223942 d:CurrentFinancialInstruments 2023-09-30 05223942 d:CurrentFinancialInstruments 2022-09-30 05223942 d:Non-currentFinancialInstruments 2023-09-30 05223942 d:Non-currentFinancialInstruments 2022-09-30 05223942 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 05223942 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 05223942 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 05223942 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 05223942 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 05223942 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-09-30 05223942 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 05223942 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 05223942 d:ShareCapital 2023-09-30 05223942 d:ShareCapital 2022-09-30 05223942 d:RetainedEarningsAccumulatedLosses 2023-09-30 05223942 d:RetainedEarningsAccumulatedLosses 2022-09-30 05223942 c:FRS102 2022-10-01 2023-09-30 05223942 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 05223942 c:FullAccounts 2022-10-01 2023-09-30 05223942 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 05223942 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 05223942 d:HirePurchaseContracts d:WithinOneYear 2022-09-30 05223942 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 05223942 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-09-30 05223942 2 2022-10-01 2023-09-30 05223942 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 05223942 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 05223942 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number:  05223942














TRS COMMERCIALS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
TRS COMMERCIALS LIMITED
REGISTERED NUMBER: 05223942

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
169,047
166,020

  
169,047
166,020

Current assets
  

Stocks
  
133,303
119,730

Debtors: amounts falling due within one year
 5 
323,174
289,693

Cash at bank and in hand
 6 
99,722
170,795

  
556,199
580,218

Creditors: amounts falling due within one year
 7 
(311,548)
(285,443)

Net current assets
  
 
 
244,651
 
 
294,775

Total assets less current liabilities
  
413,698
460,795

Creditors: amounts falling due after more than one year
 8 
(100,948)
(174,744)

Provisions for liabilities
  

Deferred tax
 11 
(23,482)
(27,610)

  
 
 
(23,482)
 
 
(27,610)

Net assets
  
289,268
258,441


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
289,168
258,341

  
289,268
258,441

Page 1

 
TRS COMMERCIALS LIMITED
REGISTERED NUMBER: 05223942
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C C Kemp
Director

Date: 12 March 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
TRS COMMERCIALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

The Company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.05223942). The address of the registered office is Seven Oakes Lane, Stanton By Dale, Derbyshire DE7 4QU.
These financial statements present information about the Company as an individual undertaking. The principal activity of the Company is that of manufacturing motor body vehicles and sales of motor vehicle bodies.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
TRS COMMERCIALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
TRS COMMERCIALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% on reducing balance
Motor vehicles
-
25% on reducing balance
Fixtures and fittings
-
15% - 33% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
TRS COMMERCIALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Page 6

 
TRS COMMERCIALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 17).

Page 7

 
TRS COMMERCIALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2022
159,856
125,791
65,013
350,660


Additions
12,455
37,105
10,940
60,500


Disposals
(600)
(29,205)
-
(29,805)



At 30 September 2023

171,711
133,691
75,953
381,355



Depreciation


At 1 October 2022
81,063
70,796
32,783
184,642


Charge for the year on owned assets
13,687
23,025
8,366
45,078


Disposals
(194)
(17,218)
-
(17,412)



At 30 September 2023

94,556
76,603
41,149
212,308



Net book value



At 30 September 2023
77,155
57,088
34,804
169,047



At 30 September 2022
78,793
54,995
32,230
166,018

Page 8

 
TRS COMMERCIALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
58,080
71,672

Amounts owed by group undertakings
207,356
159,489

Other debtors
57,738
58,532

323,174
289,693



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
99,722
170,795

99,722
170,795


Page 9

 
TRS COMMERCIALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
12,000
15,896

Other loans
66,860
67,884

Trade creditors
143,478
133,795

Corporation tax
20,077
25,555

Other taxation and social security
36,983
5,265

Obligations under finance lease and hire purchase contracts
21,099
25,108

Other creditors
5,179
6,068

Accruals and deferred income
5,872
5,872

311,548
285,443


The following liabilities were secured:

2023
2022
£
£



Bank loans
12,000
15,896

Obligations under finance lease and hire purchase contracts
21,099
25,108

33,099
41,004

Details of security provided:

The bank loans and overdrafts are secured by fixed and floating charges held against the assets of the Company.
The obligations under finance lease and hire purchase contracts are secured against the assets concerned.
Page 10

 
TRS COMMERCIALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,000
33,902

Other loans
57,167
106,167

Net obligations under finance leases and hire purchase contracts
24,781
34,675

100,948
174,744


The following liabilities were secured:

2023
2022
£
£



Bank loans
19,000
33,902

Obligations under finance lease and hire purchase contracts
24,781
34,675

43,781
68,577

Details of security provided:

The bank loans are secured by fixed and floating charges held against the assets of the Company.
The obligations under finance lease and hire purchase contracts are secured against the assets concerned.

Page 11

 
TRS COMMERCIALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
12,000
15,896

Other loans
66,860
67,884


78,860
83,780

Amounts falling due 1-2 years

Bank loans
12,000
11,183

Other loans
49,000
49,000


61,000
60,183

Amounts falling due 2-5 years

Bank loans
7,000
22,720

Other loans
8,167
57,167


15,167
79,887


155,027
223,850



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
21,099
25,108

Between 1-5 years
24,781
34,675

45,880
59,783


11.


Deferred taxation

Page 12

 
TRS COMMERCIALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
11.Deferred taxation (continued)




2023


£






At beginning of year
(27,610)


Charged to profit or loss
4,128



At end of year
(23,482)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(23,482)
(27,610)

(23,482)
(27,610)


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £26,474 (2022 - £25,122). The amount payable into the scheme at the balance sheet date was £598 (2022 - £Nil).

 
Page 13