Company registration number 08849496 (England and Wales)
TRANSGLOBAL PLANT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TRANSGLOBAL PLANT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
TRANSGLOBAL PLANT LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TRANSGLOBAL PLANT LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Transglobal Plant Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Transglobal Plant Limited, as a body, in accordance with the terms of our engagement letter dated 12/10/2021. Our work has been undertaken solely to prepare for your approval the financial statements of Transglobal Plant Limited and state those matters that we have agreed to state to the board of directors of Transglobal Plant Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Transglobal Plant Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Transglobal Plant Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Transglobal Plant Limited. You consider that Transglobal Plant Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Transglobal Plant Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
19 February 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
TRANSGLOBAL PLANT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
55,240
5,095
Current assets
Stocks
202,155
238,655
Debtors
4
223,286
1,354,133
Cash at bank and in hand
157
4,101
425,598
1,596,889
Creditors: amounts falling due within one year
5
(413,259)
(1,542,084)
Net current assets
12,339
54,805
Total assets less current liabilities
67,579
59,900
Creditors: amounts falling due after more than one year
6
(49,817)
(35,124)
Provisions for liabilities
(11,200)
(900)
Net assets
6,562
23,876
Capital and reserves
Called up share capital
7
3
3
Profit and loss reserves
6,559
23,873
Total equity
6,562
23,876

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

TRANSGLOBAL PLANT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 19 February 2024
Mr S A C Dudman
Director
Company registration number 08849496 (England and Wales)
TRANSGLOBAL PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Transglobal Plant Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit Q, Chantry Industrial Estate, Storrington, Pulborough, West Sussex, RH20 4AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised as the amounts receivable for goods or services provided in the normal course of business, and is shown net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% per annum diminishing balance
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell and comprise plant and machinery for sale and temporary hire.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised.

TRANSGLOBAL PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2022 - 0).

TRANSGLOBAL PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2022
22,398
Additions
64,950
At 31 March 2023
87,348
Depreciation and impairment
At 1 April 2022
17,303
Depreciation charged in the year
14,805
At 31 March 2023
32,108
Carrying amount
At 31 March 2023
55,240
At 31 March 2022
5,095
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
35,530
14,822
Other debtors
187,756
1,339,311
223,286
1,354,133
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,271
9,000
Trade creditors
70,750
56,492
Taxation and social security
1,701
3,394
Other creditors
331,537
1,473,198
413,259
1,542,084

Included above are hire purchase liabilities secured upon the underlying asset of £19,223 (2022 - Nil).

TRANSGLOBAL PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,099
35,124
Other creditors
25,718
-
0
49,817
35,124

Included above are hire purchase liabilities secured upon the underlying asset of £25,718 (2022 - Nil).

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
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