IRIS Accounts Production v23.3.1.45 07122998 director 1.4.22 31.3.23 31.3.23 false true false false false true false Ordinary Shares 1.00000 Ordinary Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh071229982022-03-31071229982023-03-31071229982022-04-012023-03-31071229982021-03-31071229982021-04-012022-03-31071229982022-03-3107122998ns10:Originalns15:EnglandWales2022-04-012023-03-3107122998ns14:PoundSterlingns10:Original2022-04-012023-03-3107122998ns10:Originalns10:Director12022-04-012023-03-3107122998ns10:Original2022-04-012023-03-3107122998ns10:Original2023-03-3107122998ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3107122998ns10:Originalns10:SmallEntities2022-04-012023-03-3107122998ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3107122998ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3107122998ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3107122998ns10:Originalns10:FullAccounts2022-04-012023-03-3107122998ns10:Original12022-04-012023-03-3107122998ns10:Originalns10:OrdinaryShareClass12022-04-012023-03-3107122998ns10:Originalns10:RegisteredOffice2022-04-012023-03-3107122998ns10:Original2022-03-3107122998ns10:Originalns5:CurrentFinancialInstruments2023-03-3107122998ns10:Originalns5:CurrentFinancialInstruments2022-03-3107122998ns10:Originalns5:Non-currentFinancialInstruments2023-03-3107122998ns10:Originalns5:Non-currentFinancialInstruments2022-03-3107122998ns5:ShareCapitalns10:Original2023-03-3107122998ns5:ShareCapitalns10:Original2022-03-3107122998ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3107122998ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3107122998ns10:Originalns5:NetGoodwill2022-04-012023-03-3107122998ns10:Originalns5:PlantMachinery2022-04-012023-03-3107122998ns10:Originalns5:FurnitureFittings2022-04-012023-03-3107122998ns10:Originalns5:MotorVehicles2022-04-012023-03-3107122998ns10:Original2021-04-012022-03-3107122998ns10:Originalns5:NetGoodwill2022-03-3107122998ns10:Originalns5:NetGoodwill2023-03-3107122998ns10:Originalns5:NetGoodwill2022-03-3107122998ns10:Originalns5:PlantMachinery2022-03-3107122998ns10:Originalns5:FurnitureFittings2022-03-3107122998ns10:Originalns5:MotorVehicles2022-03-3107122998ns10:Original2022-03-3107122998ns10:Originalns5:PlantMachinery2023-03-3107122998ns10:Originalns5:FurnitureFittings2023-03-3107122998ns10:Originalns5:MotorVehicles2023-03-3107122998ns10:Originalns5:PlantMachinery2022-03-3107122998ns10:Originalns5:FurnitureFittings2022-03-3107122998ns10:Originalns5:MotorVehicles2022-03-3107122998ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-03-3107122998ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-04-012023-03-3107122998ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3107122998ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-03-3107122998ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3107122998ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3107122998ns10:Originalns10:OrdinaryShareClass12023-03-3107122998ns10:Original1ns10:Director12022-03-3107122998ns10:Original1ns10:Director12021-03-3107122998ns10:Original1ns10:Director12022-04-012023-03-3107122998ns10:Original1ns10:Director12021-04-012022-03-3107122998ns10:Original1ns10:Director12023-03-3107122998ns10:Original1ns10:Director12022-03-31
REGISTERED NUMBER: 07122998 (England and Wales)

















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

TRACE MACHINING LIMITED

TRACE MACHINING LIMITED (REGISTERED NUMBER: 07122998)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TRACE MACHINING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTOR: Mr D A Sharpe





REGISTERED OFFICE: Watergates Building
109 Coleman Road
Leicester
Leicestershire
LE5 4LE





BUSINESS ADDRESS: Unit 4-5
Thurmaston Village Court
651 Melton Road
Leicester
LE4 8EB





REGISTERED NUMBER: 07122998 (England and Wales)






TRACE MACHINING LIMITED (REGISTERED NUMBER: 07122998)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2023

31/3/23 31/3/22
Notes £    £   
FIXED ASSETS
Intangible assets 4 55,000 110,000
Tangible assets 5 20,850 26,888
75,850 136,888

CURRENT ASSETS
Stocks - 3,000
Debtors 6 83,314 106,860
Cash at bank and in hand 39 7
83,353 109,867
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

(78,577

)

(70,358

)
NET CURRENT ASSETS 4,776 39,509
TOTAL ASSETS LESS CURRENT
LIABILITIES

80,626

176,397

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

8

(17,999

)

(25,406

)

PROVISIONS FOR LIABILITIES (4,916 ) (4,916 )
NET ASSETS 57,711 146,075

CAPITAL AND RESERVES
Called up share capital 9 200 200
Retained earnings 57,511 145,875
SHAREHOLDERS' FUNDS 57,711 146,075

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

TRACE MACHINING LIMITED (REGISTERED NUMBER: 07122998)

STATEMENT OF FINANCIAL POSITION - continued
31ST MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12th March 2024 and were signed by:





Mr D A Sharpe - Director


TRACE MACHINING LIMITED (REGISTERED NUMBER: 07122998)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023


1. STATUTORY INFORMATION

Trace Machining Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of 20 years. From 2017 Goodwill is being written off over 8 years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


TRACE MACHINING LIMITED (REGISTERED NUMBER: 07122998)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2022
and 31st March 2023 440,000
AMORTISATION
At 1st April 2022 330,000
Charge for year 55,000
At 31st March 2023 385,000
NET BOOK VALUE
At 31st March 2023 55,000
At 31st March 2022 110,000

TRACE MACHINING LIMITED (REGISTERED NUMBER: 07122998)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st April 2022
and 31st March 2023 128,257 34,569 18,352 181,178
DEPRECIATION
At 1st April 2022 114,002 31,964 8,324 154,290
Charge for year 2,851 681 2,506 6,038
At 31st March 2023 116,853 32,645 10,830 160,328
NET BOOK VALUE
At 31st March 2023 11,404 1,924 7,522 20,850
At 31st March 2022 14,255 2,605 10,028 26,888

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st April 2022
and 31st March 2023 17,798
DEPRECIATION
At 1st April 2022 7,787
Charge for year 2,502
At 31st March 2023 10,289
NET BOOK VALUE
At 31st March 2023 7,509
At 31st March 2022 10,011

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 7,401 4,223
Other debtors 75,913 102,637
83,314 106,860

TRACE MACHINING LIMITED (REGISTERED NUMBER: 07122998)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts 25,067 12,751
Hire purchase contracts 3,560 3,560
Trade creditors 42,115 36,480
Taxation and social security 4,135 13,655
Other creditors 3,700 3,912
78,577 70,358

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans 12,956 16,804
Hire purchase contracts 5,043 8,602
17,999 25,406

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/23 31/3/22
value: £    £   
200 Ordinary Shares £1 200 200

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2023 and 31st March 2022:

31/3/23 31/3/22
£    £   
Mr D A Sharpe
Balance outstanding at start of year 90,347 89,221
Amounts advanced - 1,126
Amounts repaid (23,842 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 66,505 90,347