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COMPANY REGISTRATION NUMBER: 5714184
Tramspread Slurry Storage Ltd
Filleted Unaudited Financial Statements
For the Year Ended
31 March 2023
Tramspread Slurry Storage Ltd
Financial Statements
Year Ended 31st March 2023
Contents
Page
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
Tramspread Slurry Storage Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Tramspread Slurry Storage Ltd
Year Ended 31st March 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31st March 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
PEYTON TYLER MEARS Chartered accountants
Middleborough House 16 Middleborough Colchester Essex CO1 1QT
29 February 2024
Tramspread Slurry Storage Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
4
23,104
33,644
Current Assets
Debtors
5
372,836
582,815
Cash at bank and in hand
2,024
200
---------
---------
374,860
583,015
Creditors: amounts falling due within one year
6
42,015
204,387
---------
---------
Net Current Assets
332,845
378,628
---------
---------
Total Assets Less Current Liabilities
355,949
412,272
Creditors: amounts falling due after more than one year
7
25,833
39,333
---------
---------
Net Assets
330,116
372,939
---------
---------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
330,016
372,839
---------
---------
Shareholders Funds
330,116
372,939
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tramspread Slurry Storage Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 29 February 2024 , and are signed on behalf of the board by:
T R Baker
Director
Company registration number: 5714184
Tramspread Slurry Storage Ltd
Notes to the Financial Statements
Year Ended 31st March 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Buces Farm, Mendlesham, Stowmarket, IP14 5NR, Suffolk.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Motor vehicles
-
25% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible Assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1st April 2022 and 31st March 2023
35,805
52,239
88,044
--------
--------
--------
Depreciation
At 1st April 2022
16,893
37,507
54,400
Charge for the year
3,174
7,366
10,540
--------
--------
--------
At 31st March 2023
20,067
44,873
64,940
--------
--------
--------
Carrying amount
At 31st March 2023
15,738
7,366
23,104
--------
--------
--------
At 31st March 2022
18,912
14,732
33,644
--------
--------
--------
5. Debtors
2023
2022
£
£
Trade debtors
14,540
99,728
Other debtors
358,296
483,087
---------
---------
372,836
582,815
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
27,060
58,224
Corporation tax
25,797
Social security and other taxes
101,649
Other creditors
60
60
Other creditors
4,895
8,657
--------
---------
42,015
204,387
--------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,833
35,833
Other creditors
3,500
--------
--------
25,833
39,333
--------
--------
8. Related Party Transactions
The company was under the control of Mr T R Baker throughout the current year. Mr T R Baker is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entity.