24 false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2021 - FRS102_2021 510,448 510,448 119,538 119,538 390,910 xbrli:pure xbrli:shares iso4217:GBP 06310554 2022-12-01 2023-11-30 06310554 2023-11-30 06310554 2022-11-30 06310554 2021-12-01 2022-11-30 06310554 2022-11-30 06310554 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-01 2023-11-30 06310554 core:PlantMachinery 2022-12-01 2023-11-30 06310554 core:FurnitureFittings 2022-12-01 2023-11-30 06310554 core:MotorVehicles 2022-12-01 2023-11-30 06310554 bus:Director1 2022-12-01 2023-11-30 06310554 core:WithinOneYear 2023-11-30 06310554 core:WithinOneYear 2022-11-30 06310554 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 06310554 core:PlantMachinery 2022-11-30 06310554 core:FurnitureFittings 2022-11-30 06310554 core:MotorVehicles 2022-11-30 06310554 core:PlantMachinery 2023-11-30 06310554 core:FurnitureFittings 2023-11-30 06310554 core:MotorVehicles 2023-11-30 06310554 core:AfterOneYear 2023-11-30 06310554 core:AfterOneYear 2022-11-30 06310554 core:ShareCapital 2023-11-30 06310554 core:ShareCapital 2022-11-30 06310554 core:SharePremium 2023-11-30 06310554 core:CapitalRedemptionReserve 2023-11-30 06310554 core:RetainedEarningsAccumulatedLosses 2023-11-30 06310554 core:RetainedEarningsAccumulatedLosses 2022-11-30 06310554 core:PlantMachinery 2022-11-30 06310554 core:FurnitureFittings 2022-11-30 06310554 core:MotorVehicles 2022-11-30 06310554 bus:Director1 2022-11-30 06310554 bus:Director1 2021-11-30 06310554 bus:Director1 2022-11-30 06310554 bus:Director1 2021-12-01 2022-11-30 06310554 bus:SmallEntities 2022-12-01 2023-11-30 06310554 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 06310554 bus:FullAccounts 2022-12-01 2023-11-30 06310554 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 06310554 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 06310554 core:OfficeEquipment 2022-12-01 2023-11-30 06310554 core:OfficeEquipment 2022-11-30 06310554 core:OfficeEquipment 2023-11-30
COMPANY REGISTRATION NUMBER: 06310554
Traverse Associates Limited
Filleted Unaudited Financial Statements
30 November 2023
Traverse Associates Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
390,910
Tangible assets
6
57,329
62,695
---------
--------
448,239
62,695
Current assets
Stocks
3,062
Debtors
7
274,834
313,681
Cash at bank and in hand
348,334
253,932
---------
---------
623,168
570,675
Creditors: amounts falling due within one year
8
304,075
309,262
---------
---------
Net current assets
319,093
261,413
---------
---------
Total assets less current liabilities
767,332
324,108
Creditors: amounts falling due after more than one year
9
618,009
190,699
Provisions
Taxation including deferred tax
7,703
8,519
---------
---------
Net assets
141,620
124,890
---------
---------
Capital and reserves
Called up share capital
742
1,000
Share premium account
24,911
Capital redemption reserve
500
Profit and loss account
115,467
123,890
---------
---------
Shareholders funds
141,620
124,890
---------
---------
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 comprehensive income has not been delivered.
Traverse Associates Limited
Statement of Financial Position (continued)
30 November 2023
For the year ending 30 November 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 .
These financial statements were approved by the board of directors and authorised for issue on 5 April 2024 , and are signed on behalf of the board by:
Mr JA O'Neill
Director
Company registration number: 06310554
Traverse Associates Limited
Notes to the Financial Statements
Year ended 30 November 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 Vale House, Aston Lane North, Preston Brook, Runcorn, Cheshire, WA7 3PE.
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.
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.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development Costs
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Bicycle
-
25% reducing balance
Fixture & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
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.
Creditors
Short term trade 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 19 ).
5. Intangible assets
Development costs
£
Cost
Additions
Additions from internal developments
510,448
---------
At 30 November 2023
510,448
---------
Amortisation
Charge for the year
119,538
---------
At 30 November 2023
119,538
---------
Carrying amount
At 30 November 2023
390,910
---------
At 30 November 2022
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 December 2022
885
20,900
48,137
34,795
104,717
Additions
440
14,117
14,557
Disposals
( 982)
( 7,592)
( 8,574)
----
--------
--------
--------
---------
At 30 November 2023
885
20,358
48,137
41,320
110,700
----
--------
--------
--------
---------
Depreciation
At 1 December 2022
628
7,646
11,817
21,931
42,022
Charge for the year
64
3,185
9,080
3,704
16,033
Disposals
( 396)
( 4,288)
( 4,684)
----
--------
--------
--------
---------
At 30 November 2023
692
10,435
20,897
21,347
53,371
----
--------
--------
--------
---------
Carrying amount
At 30 November 2023
193
9,923
27,240
19,973
57,329
----
--------
--------
--------
---------
At 30 November 2022
257
13,254
36,320
12,864
62,695
----
--------
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
162,690
217,719
Prepayments and accrued income
3,420
Corporation tax repayable
98,284
74,522
Other debtors
10,440
21,440
---------
---------
274,834
313,681
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
65,000
65,000
Trade creditors
20,797
2,317
Accruals and deferred income
126,431
132,560
Social security and other taxes
71,879
85,449
Obligations under finance leases and hire purchase contracts
7,691
7,691
Director loan accounts
50
5,558
Other creditors
12,227
10,687
---------
---------
304,075
309,262
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
97,500
162,500
Obligations under finance leases and hire purchase contracts
20,509
28,199
Derivative financial liability
500,000
---------
---------
618,009
190,699
---------
---------
10. Financial instruments
The Derivative financial instrument included in Creditors due after more than one year is in respect of Unsecured Convertible Loan Notes. The loan notes carry a coupon rate of 10% and are redeemable in 2028 at a value equal to twice their par value of £500,000. The loan notes are convertible at the option of the noteholder. They have been recognised at their transaction cost which is also their fair value at the balance sheet date in the opinion of the Directors.
11. 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 JA O'Neill
( 5,558)
5,558
-------
-------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr JA O'Neill
( 1,005)
( 4,553)
( 5,558)
-------
-------
-------