Company Registration No. 07261754 (England and Wales)
Trade Together Ltd
Unaudited accounts
for the year ended 31 October 2023
Trade Together Ltd
Unaudited accounts
Contents
Trade Together Ltd
Company Information
for the year ended 31 October 2023
Directors
S W Clarke
K O'Brien Clarke
Company Number
07261754 (England and Wales)
Registered Office
Highland House
Mayflower Close
Chandlers Ford
Hampshire
SO53 4AR
Accountants
Hopper Williams & Bell Limited
Highland House
Mayflower Close
Chandlers Ford
Eastleigh
SO53 4AR
Trade Together Ltd
Statement of financial position
as at 31 October 2023
Tangible assets
45,710
19,149
Cash at bank and in hand
20,123
26,681
Creditors: amounts falling due within one year
(26,186)
(17,320)
Net current assets
19,659
28,071
Total assets less current liabilities
65,369
47,220
Creditors: amounts falling due after more than one year
(6,000)
-
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
51,594
47,120
Shareholders' funds
51,694
47,220
For the year ending 31 October 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 directors acknowledge their 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 of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by
K O'Brien Clarke
Director
Company Registration No. 07261754
Trade Together Ltd
Notes to the Accounts
for the year ended 31 October 2023
Trade Together Ltd is a private company, limited by shares, registered in England and Wales, registration number 07261754. The registered office is Highland House, Mayflower Close, Chandlers Ford, Hampshire, SO53 4AR.
2
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 represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Turnover is stated exclusive of value added tax.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10 Years Straight Line
Motor vehicles
25% Reducing Balance
Fixtures & fittings
3 Years Straight Line
Computer equipment
3 Years Straight Line
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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..
Trade Together Ltd
Notes to the Accounts
for the year ended 31 October 2023
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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account to which they relate.
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 November 2022
30,019
4,981
-
4,903
39,903
Additions
-
-
29,268
1,750
31,018
At 31 October 2023
30,019
4,981
29,268
6,653
70,921
At 1 November 2022
12,008
4,911
-
3,835
20,754
Charge for the year
3,002
69
610
776
4,457
At 31 October 2023
15,010
4,980
610
4,611
25,211
At 31 October 2023
15,009
1
28,658
2,042
45,710
At 31 October 2022
18,011
70
-
1,068
19,149
Trade Together Ltd
Notes to the Accounts
for the year ended 31 October 2023
Amounts falling due within one year
Trade debtors
8,680
11,462
Accrued income and prepayments
17,042
7,248
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
3,000
-
Taxes and social security
12,697
14,530
Other creditors
10,489
2,790
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 2 (2022: 1).