Company registration number 03462824 (England and Wales)
TRADE SALE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
TRADE SALE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TRADE SALE LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
66,645
50,107
Investment property
5
48,365,293
46,618,346
Investments
6
132,918
132,918
48,564,857
46,801,372
Current assets
Stocks
572,855
712,823
Debtors
7
45,020,222
42,579,118
Cash at bank and in hand
3,737,433
1,670,277
49,330,510
44,962,218
Creditors: amounts falling due within one year
8
(63,089,836)
(50,731,007)
Net current liabilities
(13,759,326)
(5,768,789)
Total assets less current liabilities
34,805,531
41,032,583
Creditors: amounts falling due after more than one year
9
-
0
(8,809,316)
Provisions for liabilities
(2,977,042)
(2,273,712)
Net assets
31,828,489
29,949,555
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
31,828,389
29,949,455
Total equity
31,828,489
29,949,555

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

TRADE SALE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 August 2024
F L Gray
Director
Company registration number 03462824 (England and Wales)
TRADE SALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Trade Sale Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, West London Industrial Park, Iver Lane, Uxbridge, UB8 2JG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for vehicle sales and rental income receivable in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings - Leasehold
Over the life of the lease - 10 to 17 years
Plant and machinery
20% - 30% on cost
Fixtures, fittings and equipment
20% - 33% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

TRADE SALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments

Interests in subsidiaries are measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses are recognised immediately in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stock consists of motor vehicles unsold at the year end.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the recoverable amount. The impairment loss is recognised in profit or loss.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

TRADE SALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
1
Amortisation and impairment
At 1 March 2022 and 28 February 2023
-
0
Carrying amount
At 28 February 2023
1
At 28 February 2022
1
TRADE SALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
4
Tangible fixed assets
Land and buildings - Leasehold
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2022
56,848
566,999
413,321
25,829
1,062,997
Additions
-
0
-
0
-
0
51,016
51,016
Disposals
-
0
(455,157)
(386,102)
-
0
(841,259)
At 28 February 2023
56,848
111,842
27,219
76,845
272,754
Depreciation and impairment
At 1 March 2022
56,348
559,880
390,743
5,919
1,012,890
Depreciation charged in the year
56
2,738
5,443
15,606
23,843
Eliminated in respect of disposals
-
0
(455,157)
(375,467)
-
0
(830,624)
At 28 February 2023
56,404
107,461
20,719
21,525
206,109
Carrying amount
At 28 February 2023
444
4,381
6,500
55,320
66,645
At 28 February 2022
500
7,119
22,578
19,910
50,107
5
Investment property
2023
£
Fair value
At 1 March 2022
46,618,346
Additions
1,946,947
Disposals
(200,000)
At 28 February 2023
48,365,293

In the opinion of the director, the open market value of the properties is not materially different from the carrying value in the accounts as at the balance sheet date.

 

The historical cost for the properties included at valuation above is £36,475,814 (2022: £34,708,867).

6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
132,918
132,918
TRADE SALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
7
Debtors
28/02/2019
22/02/2018
Amounts falling due within one year:
£
£
Trade debtors
1,905,040
1,231,220
S455 tax recoverable
90,448
-
0
Amounts owed by group undertakings
829,486
828,793
Other debtors
42,195,248
40,519,105
45,020,222
42,579,118
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,240,000
386,206
Trade creditors
19,403,420
8,743,800
Amounts owed to group undertakings
34,870,925
34,831,684
Corporation tax
917,524
1,141,298
Other taxation and social security
265,941
-
0
Other creditors
5,392,026
5,628,019
63,089,836
50,731,007

Included in the balance sheet are net secured creditors totalling £1,776,012 (2022: £1,698,061) at the year end date.

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
8,809,316

Bank loans are secured by means of a fixed and floating charges over the assets of the company.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Related party transactions
TRADE SALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
11
Related party transactions
(Continued)
- 8 -

Included in debtors as at the balance sheet date, is an amount totalling £2,062,828 (2022: £2,062,828) due from, and included in creditors due within one year is an amount totalling £3,509,062 (2022: £3,503,078) due to, Trade Sale (Slough) Limited, a company in which F L Gray is a director.

 

During the period the company received property management charges from Datamede Limited, a company controlled by F L Gray, amounting to £37,125 (2022: £24,000). Included in creditors due within one year is an amount totalling £13,795,288 (2022: £3,849,061) due to the company as at the balance sheet date.

 

Included in debtors is an amount totalling £284,579 (2022: £284,579) due from, and included in creditors due within one year is amount totalling £780,529 (2022: £780,769) due to, Another Option Limited, a company controlled by F L Gray.

 

Included within other debtors is the director's current account balance of £2,926,735 (2022: £Nil) due from F L Gray as at the balance sheet date. The maximum amount due from director during the year was £2,926,735 (2022: £1,209,744) and interest of £28,637 (2022: £11,221) has been charged on the overdrawn director's current account balance.

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