2023-04-012023-09-302023-09-30false04460701Trade Copiers 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Trade Copiers Limited

Registered Number
04460701
(England and Wales)

Unaudited Financial Statements for the Period ended
30 September 2023

Trade Copiers Limited
Company Information
for the period from 1 April 2023 to 30 September 2023

Directors

Mr D L Armistead
Mrs J Armistead
Miss L M Armistead
Mr P L Armistead
Mr S N Armistead

Registered Address

Unit 63 Gilwilly Road
Gilwilly Industrial Estate
Penrith
CA11 9BL

Registered Number

04460701 (England and Wales)
Trade Copiers Limited
Statement of Financial Position
30 September 2023

Notes

30 Sep 2023

31 Mar 2023

£

£

£

£

Fixed assets
Tangible assets63,097,6442,842,585
Investments8200200
3,097,8442,842,785
Current assets
Stocks1,058,8341,735,368
Debtors141,066,0011,949,918
Cash at bank and on hand672,157784,504
2,796,9924,469,790
Creditors amounts falling due within one year15(1,429,780)(2,395,878)
Net current assets (liabilities)1,367,2122,073,912
Total assets less current liabilities4,465,0564,916,697
Creditors amounts falling due after one year16(1,117,749)(981,221)
Provisions for liabilities17(323,000)(250,000)
Net assets3,024,3073,685,476
Capital and reserves
Called up share capital100100
Revaluation reserve552,670564,261
Profit and loss account2,471,5373,121,115
Shareholders' funds133,024,3073,685,476
The financial statements were approved and authorised for issue by the Board of Directors on 1 February 2024, and are signed on its behalf by:
Mr S N Armistead
Director
Registered Company No. 04460701
Trade Copiers Limited
Notes to the Financial Statements
for the period ended 30 September 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Smallest group in which results are consolidated
This company, as the parent company of the group, qualifies as a small group and as such this company and the group are exempt from producing group accounts. These accounts are for this company alone.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Land and buildings comprise freehold and leasehold property which are depreciated at 2% and 10% straight line respectively. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery25-
Fixtures and fittings25-
Vehicles25-
Office Equipment-3
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
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 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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement.
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Employee benefits policy
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company enters into basic financial instrument 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 ordinary shares.
5.Employee information

20232023
Average number of employees during the year4543
6.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 April 232,590,863200,079861,977833,09029,6754,515,684
Additions--350,80853,0102,278406,096
Disposals--(184,669)--(184,669)
At 30 September 232,590,863200,0791,028,116886,10031,9534,737,111
Depreciation and impairment
At 01 April 23263,751164,492559,670660,90824,2781,673,099
Charge for year31,3484,44965,28927,0441,361129,491
On disposals--(163,123)--(163,123)
At 30 September 23295,099168,941461,836687,95225,6391,639,467
Net book value
At 30 September 232,295,76431,138566,280198,1486,3143,097,644
At 31 March 232,327,11235,587302,307172,1825,3972,842,585
7.Revaluation of property, plant and equipment
The freehold property at Unit 63, Gilwilly Road, Gilwilly Industrial Estate, Penrith, Cumbria, CA11 9BL was previously revalued in March 2018 on an open market existing use basis. It is the opinion of the directors that this valuation has not materially altered at the period end date. Had the freehold property been measured at historical cost the amounts would have been: cost £1,818,112 (2023 - £1,818,112), accumulated depreciation £233,717 (2023 - £186,475) and carrying value £1,584,395 (2023 - £1,631,637).
8.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 23200200
At 30 September 23200200
Net book value
At 30 September 23200200
At 31 March 23200200

Notes

1Investments in group undertakings and participating interests
9.Creditors or instalments due after 5 years
Bank loans repayable after more than five years amount to £356,436 (2023 - £390,431).
10.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £11,151 (2023 - £21,172).
11.Description of nature of transactions and balances with related parties
The company has taken advantage of FRS 101 exempting a parent company, which wholly owns a subsidiary company, from disclosing related party transactions between two or more members of a group. During the period, a director had a loan account with the company. The company borrowed funds from the director and as of 30 September 2023, the company owed the director £12,339. The loan to the company is interest free and repayable on demand. During the period, a second director had a loan account with the company. The company borrowed funds from the director and as of 30 September 2023, the company owed the director £11,127. The loan to the company is interest free and repayable on demand. During the period, a third director had a loan account with the company. The company borrowed funds from the director and as of 30 September 2023, the company owed the director £13,334. The loan to the company is interest free and repayable on demand.
12.Directors advances, credits and guarantees
During the period, a director had a loan account with the company. As of 1 April 2023, the director owed the company £Nil. During the period, the director was advanced £9,948 and repaid £9,948. As of 30 September 2023, the director owed the company £Nil. No interest was required to be charged on this loan account. During the period, a second director had a loan account with the company. As of 1 April 2023, the director owed the company £1,158. During the period, the director was advanced 10,816 and repaid £11,974. As of 30 September 2023, the director owed the company £Nil. The company charged the director interest of £12 in accordance with HMRC's official interest rate for beneficial loan arrangements. During the period, a third director had a loan account with the company. As of 1 April 2023, the director owed the company £Nil. During the period, the director was advanced £7,888 and repaid £7,888. As of 30 September 2023, the director owed the company £Nil. No interest was required to be charged on this loan account. During the period, two other directors had a joint loan account with the company. As of 1 April 2023, the directors owed the company £22. During the period, the directors were advanced £64,319 and repaid £62.208. As of 30 September 2023, the directors owed the company £2,133. The company charged the directors interest of £52 in accordance with HMRC's official interest rate for beneficial loan arrangements.
13.Movements in revaluation reserve
The revaluation reserve represents the amount of unrealised surplus created when the freehold property at Unit 63, Gilwilly Road, Gilwilly Industrial Estate, Penrith, Cumbria, CA11 9BL was revalued, less any deferred tax provision. The reserve represents non-distributable funds.

£
Reserve at 01 April 23564,261
Revaluations of plant, property and equipment(15,455)
Deferred Tax on Revaluations3,864
At 30 September 23552,670
14.Debtors

2023

2023

££
Trade debtors / trade receivables957,9881,723,656
Other debtors38,771110,883
Prepayments and accrued income69,242115,379
Total1,066,0011,949,918
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
15.Creditors within one year

2023

2023

££
Trade creditors / trade payables923,0931,782,868
Bank borrowings and overdrafts128,600134,600
Amounts owed to related parties34,96630,779
Taxation and social security121,765255,584
Finance lease and HP contracts140,49598,743
Other creditors36,8006,596
Accrued liabilities and deferred income44,06186,708
Total1,429,7802,395,878
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank loans are secured by fixed charges over the freehold properties of the company. Finance lease and HP contracts are secured against the assets to which they relate.
16.Creditors after one year

2023

2023

££
Bank borrowings and overdrafts870,836928,832
Other creditors246,91352,389
Total1,117,749981,221
Bank loans are secured by fixed charges over the freehold properties of the company. Other creditors are finance lease and HP contracts and are secured against the assets to which they relate.
17.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax is made up of £138,167 (2023 - £141,050) in respect of the freehold property revaluation reserve and £184,833 (2023 - £108,950) in respect of accelerated capital allowances.

2023

2023

££
Net deferred tax liability (asset)323,000250,000
Total323,000250,000