Registered number
08518027
Trailcraft MTB And BMX Track Construction Ltd
Filleted Accounts
31 May 2023
Trailcraft MTB And BMX Track Construction Ltd
Registered number: 08518027
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 32,598 44,986
Current assets
Debtors 4 1,659 1,634
Cash at bank and in hand 150,704 164,761
152,363 166,395
Creditors: amounts falling due within one year 5 (17,182) (64,331)
Net current assets 135,181 102,064
Net assets 167,779 147,050
Capital and reserves
Called up share capital 400 400
Profit and loss account 167,379 146,650
Shareholders' funds 167,779 147,050
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J T D Shaughnessy
Director
Approved by the board on 6 February 2024
Trailcraft MTB And BMX Track Construction Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Debtors
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, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 65,782 2,700 68,482
Additions 4,400 - 4,400
At 31 May 2023 70,182 2,700 72,882
Depreciation
At 1 June 2022 21,921 1,575 23,496
Charge for the year 16,113 675 16,788
At 31 May 2023 38,034 2,250 40,284
Net book value
At 31 May 2023 32,148 450 32,598
At 31 May 2022 43,861 1,125 44,986
4 Debtors 2023 2022
£ £
Other debtors 1,659 1,634
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,062 923
Taxation and social security costs 15,474 5,561
Other creditors 646 57,847
17,182 64,331
6 Other information
Trailcraft MTB And BMX Track Construction Ltd is a private company limited by shares and incorporated in England. Its registered office is:
18 Carshalton Road
Beddau
Pontypridd
Wales
CF38 2LH
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