Company Registration No. 13479468 (England and Wales)
Traffic Jam Solutions Ltd.
Unaudited accounts
for the year ended 30 June 2023
Traffic Jam Solutions Ltd.
Statement of financial position
as at 30 June 2023
Cash at bank and in hand
75,049
625
Creditors: amounts falling due within one year
(17,419)
(2,573)
Net current assets/(liabilities)
57,630
(1,948)
Net assets/(liabilities)
57,630
(1,948)
Called up share capital
100
100
Profit and loss account
57,530
(2,048)
Shareholders' funds
57,630
(1,948)
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 July 2024 and were signed on its behalf by
Milos Simic
Director
Company Registration No. 13479468
Traffic Jam Solutions Ltd.
Notes to the Accounts
for the year ended 30 June 2023
Traffic Jam Solutions Ltd. is a private company, limited by shares, registered in England and Wales, registration number 13479468. The registered office is 71-75 Shelton Street, London, WC2H 9JQ, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Creditors: amounts falling due within one year
2023
2022
Taxes and social security
13,995
-
Loans from directors
1,024
713
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Traffic Jam Solutions Ltd.
Notes to the Accounts
for the year ended 30 June 2023
6
Transactions with related parties
During the reporting period, the Company entered into transactions with Traffic Jam Ltd, a related party. Total value of these transactions entered into were £363,801.
As per the information available to the directors of the Company, the controlling party of Traffic Jam Solutions Ltd is Traffic Jam Ltd, a company registered in Hong Kong, registration number 72717162. Traffic Jam Limited has the ability to exercise direct significant influence over the Company's financial and operating decisions.
The controlling party holds 100% of the total voting rights in Traffic Jam Solutions Ltd and therefore has the ability to elect the majority of the members of the Company's board of directors. As a result, Traffic Jam Ltd has the power to direct the financial and operational policies of the Company.
The relationship between the Company and its controlling party is governed by a services agreement governed under UK Law. The Company operates independently but in accordance with the directives and guidance provided by the controlling party.
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Average number of employees
During the year the average number of employees was 1 (2022: 1).