Company registration number 09107651 (England and Wales)
HIGH TORQUE ROPE ACCESS SOLUTIONS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
HIGH TORQUE ROPE ACCESS SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
HIGH TORQUE ROPE ACCESS SOLUTIONS LTD
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
258
845
Current assets
Debtors
4
59,790
114,602
Cash at bank and in hand
76,084
32,780
135,874
147,382
Creditors: amounts falling due within one year
5
(55,696)
(61,634)
Net current assets
80,178
85,748
Total assets less current liabilities
80,436
86,593
Creditors: amounts falling due after more than one year
6
(19,748)
(30,915)
Provisions for liabilities
(65)
(211)
Net assets
60,623
55,467
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
60,523
55,367
Total equity
60,623
55,467

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 30 June 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.

The financial statements were approved and signed by the director and authorised for issue on 8 March 2024
Mr J Corbin
Director
Company Registration No. 09107651
HIGH TORQUE ROPE ACCESS SOLUTIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
1
83,697
83,698
Year ended 30 June 2022:
Profit and total comprehensive income
-
25,670
25,670
Issue of share capital
7
99
-
99
Dividends
-
(54,000)
(54,000)
Balance at 30 June 2022
100
55,367
55,467
Year ended 30 June 2023:
Profit and total comprehensive income
-
87,156
87,156
Dividends
-
(82,000)
(82,000)
Balance at 30 June 2023
100
60,523
60,623
HIGH TORQUE ROPE ACCESS SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

High Torque Rope Access Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Vernon Grove, Caerwent, Caldicot, NP26 4QU.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, 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:

Plant and equipment
33% on cost
Motor vehicles
33% on cost
1.4
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest and receivable or payable within one year are recorded at transaction price, Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.5
Taxation

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

HIGH TORQUE ROPE ACCESS SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
HIGH TORQUE ROPE ACCESS SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
3,869
28,545
32,414
Depreciation and impairment
At 1 July 2022
3,171
28,398
31,569
Depreciation charged in the year
440
147
587
At 30 June 2023
3,611
28,545
32,156
Carrying amount
At 30 June 2023
258
-
0
258
At 30 June 2022
698
147
845
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,231
107,385
Other debtors
55,559
7,217
59,790
114,602
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,253
10,250
Trade creditors
462
12,938
Corporation tax
22,036
7,833
Other taxation and social security
17,711
18,763
Other creditors
5,234
11,850
55,696
61,634
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,748
29,752
Other creditors
-
0
1,163
19,748
30,915
HIGH TORQUE ROPE ACCESS SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
80
80
80
80
Ordinary A shares of £1 each
20
20
20
20
100
100
100
100
8
Related party transactions

The following amounts were outstanding at the reporting end date:

A loan exists with Dillow Developments Ltd, a company with the same director. At the year end the amount owed from Dillow Developments Ltd was £52,394 (2022 - £0), this amount is included in debtors: amounts falling due within one year.

9
Directors' transactions

Dividends totalling £62,000 (2022 - £43,000) were paid in the year in respect of shares held by the company's director.

The director operates a current loan amount with the company which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end, the amount outstanding to the director was £606 (2022 - £313). This amount being included in creditors: amounts falling due within one year.

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