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Registration number: 06974917

Trade Frame Warehouse Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Trade Frame Warehouse Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 14

 

Trade Frame Warehouse Limited

Company Information

Directors

Mr T McCann

Mrs MD McCann

Registered office

24 Southfield
Polegate
East Sussex
BN26 5LX

Accountants

Gold Accountants Limited
24 Southfield
Polegate
East Sussex
BN26 5LX

 

Trade Frame Warehouse Limited

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr T McCann

Mrs MD McCann

Principal activity

The principal activity of the company is sale of uPVC windows and door accessories

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 April 2024 and signed on its behalf by:
 

.........................................
Mr T McCann
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Trade Frame Warehouse Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Trade Frame Warehouse Limited for the year ended 31 July 2023 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Trade Frame Warehouse Limited, as a body, in accordance with the terms of our engagement letter dated 28 July 2009. Our work has been undertaken solely to prepare for your approval the accounts of Trade Frame Warehouse Limited and state those matters that we have agreed to state to the Board of Directors of Trade Frame Warehouse Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trade Frame Warehouse Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Trade Frame Warehouse Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Trade Frame Warehouse Limited. You consider that Trade Frame Warehouse 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 accounts of Trade Frame Warehouse 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 accounts.

......................................

Gold Accountants Limited
24 Southfield
Polegate
East Sussex
BN26 5LX

29 April 2024

 

Trade Frame Warehouse Limited

Profit and Loss Account for the Year Ended 31 July 2023

Note

2023
£

2022
£

Turnover

 

298,692

383,435

Cost of sales

 

(197,642)

(283,348)

Gross profit

 

101,050

100,087

Administrative expenses

 

(101,800)

(98,902)

Operating (loss)/profit

 

(750)

1,185

(Loss)/profit before tax

4

(750)

1,185

Tax on (loss)/profit

 

(482)

(756)

(Loss)/profit for the financial year

 

(1,232)

429

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Trade Frame Warehouse Limited

Statement of Comprehensive Income for the Year Ended 31 July 2023

2023
£

2022
£

(Loss)/profit for the year

(1,232)

429

Total comprehensive income for the year

(1,232)

429

 

Trade Frame Warehouse Limited

(Registration number: 06974917)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,670

4,820

Current assets

 

Stocks

6

6,850

6,850

Debtors

7

76,112

61,930

Cash at bank and in hand

 

16,096

56,654

 

99,058

125,434

Creditors: Amounts falling due within one year

8

(33,889)

(54,845)

Net current assets

 

65,169

70,589

Total assets less current liabilities

 

68,839

75,409

Creditors: Amounts falling due after more than one year

8

(10,918)

(15,256)

Net assets

 

57,921

60,153

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

57,821

60,053

Shareholders' funds

 

57,921

60,153

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 April 2024 and signed on its behalf by:
 

.........................................
Mr T McCann
Director

 

Trade Frame Warehouse Limited

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

100

60,053

60,153

Loss for the year

-

(1,232)

(1,232)

Dividends

-

(1,000)

(1,000)

At 31 July 2023

100

57,821

57,921

Share capital
£

Retained earnings
£

Total
£

At 1 August 2021

100

81,624

81,724

Profit for the year

-

429

429

Dividends

-

(22,000)

(22,000)

At 31 July 2022

100

60,053

60,153

 

Trade Frame Warehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
24 Southfield
Polegate
East Sussex
BN26 5LX
United Kingdom

These financial statements were authorised for issue by the Board on 29 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Trade Frame Warehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings, tools and equipment

25% reducing balance

Plant & machinery

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Trade Frame Warehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,223

777

 

Trade Frame Warehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 August 2022

6,399

4,300

18,705

29,404

Additions

37

-

-

37

At 31 July 2023

6,436

4,300

18,705

29,441

Depreciation

At 1 August 2022

4,700

191

16,218

21,109

Charge for the year

505

3,535

622

4,662

At 31 July 2023

5,205

3,726

16,840

25,771

Carrying amount

At 31 July 2023

1,231

574

1,865

3,670

At 31 July 2022

1,568

765

2,487

4,820

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

6,850

6,850

7

Debtors

Current

2023
£

2022
£

Trade debtors

36,895

56,441

Prepayments

133

130

Other debtors

39,084

5,359

 

76,112

61,930

8

Creditors

Creditors: amounts falling due within one year

 

Trade Frame Warehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2023
£

2022
£

Due within one year

Trade creditors

16,304

39,958

Taxation and social security

16,665

14,887

Other creditors

920

-

33,889

54,845

 

Trade Frame Warehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

10,918

15,256

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

2

2

2

2

Ordinary C shares of £1 each

24

24

24

24

Ordinary D shares of £1 each

24

24

24

24

100

100

100

100

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

10,918

15,256

11

Dividends

Final dividends paid

2023
£

2022
£

Final dividend of £20.00 (2022 - £220.00) per each Ordinary A shares

1,000

11,000

Final dividend of £Nil (2022 - £5,500.00) per each Ordinary B shares

-

11,000

1,000

22,000

12

Related party transactions

 

Trade Frame Warehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

20,950

14,756