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REGISTERED NUMBER: 03599898 (England and Wales)






Tranter Limited

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023






Tranter Limited (Registered number: 03599898)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Tranter Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: Mr K M F Lindberg
Mr M Maierhofer





REGISTERED OFFICE: Unit 10 Flanshaw Business Park
Kelly Way
Wakefield
West Yorkshire
WF2 9FR





REGISTERED NUMBER: 03599898 (England and Wales)





AUDITORS: SMH Jolliffe Cork Audit Ltd
Chartered Accountants & Statutory Auditor
33 George Street
Wakefield
West Yorkshire
WF1 1LX

Tranter Limited (Registered number: 03599898)

Report of the Directors
for the year ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr K M F Lindberg
Mr M Maierhofer

REPORT EXEMPTIONS
The directors have taken advantage of the small company exemptions available in relation to the directors report and the strategic report as permitted by Sections 415A and 414B of Companies Act 2006 on the grounds that the company would have been entitled to the small company exemptions had it not been a member of an ineligible group.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr K M F Lindberg - Director


25 July 2024

Report of the Independent Auditors to the Members of
Tranter Limited


Opinion
We have audited the financial statements of Tranter Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Qualified opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Tranter Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Tranter Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with the Directors and
other informed management which we considered may have a direct material effect on the financial statements or
the operations of the company and thereafter, the audit team remained alert to instances of non-compliance
throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of actual, suspected and alleged fraud and;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations;

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias; and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims and reviewing correspondence with
HMRC and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Tranter Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




J Crossley FCA CTA (Senior Statutory Auditor)
for and on behalf of SMH Jolliffe Cork Audit Ltd
Chartered Accountants & Statutory Auditor
33 George Street
Wakefield
West Yorkshire
WF1 1LX

21 August 2024

Tranter Limited (Registered number: 03599898)

Income Statement
for the year ended 31 December 2023

2023 2022
Notes £ £

TURNOVER 3 5,362,396 3,817,548

Cost of sales 3,129,922 2,301,754
GROSS PROFIT 2,232,474 1,515,794

Administrative expenses 661,102 597,281
OPERATING PROFIT 5 1,571,372 918,513

Interest receivable and similar income 41,125 3,680
PROFIT BEFORE TAXATION 1,612,497 922,193

Tax on profit 6 379,802 179,765
PROFIT FOR THE FINANCIAL YEAR 1,232,695 742,428

Tranter Limited (Registered number: 03599898)

Other Comprehensive Income
for the year ended 31 December 2023

2023 2022
Notes £ £

PROFIT FOR THE YEAR 1,232,695 742,428


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,232,695

742,428

Tranter Limited (Registered number: 03599898)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 7 201,365 213,329

CURRENT ASSETS
Stocks 8 808,589 1,273,590
Debtors 9 1,148,453 1,174,160
Cash at bank 1,411,441 327,368
3,368,483 2,775,118
CREDITORS
Amounts falling due within one year 10 530,835 1,172,947
NET CURRENT ASSETS 2,837,648 1,602,171
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,039,013

1,815,500

PROVISIONS FOR LIABILITIES 12 38,490 47,672
NET ASSETS 3,000,523 1,767,828

CAPITAL AND RESERVES
Called up share capital 13 10,000 10,000
Retained earnings 14 2,990,523 1,757,828
SHAREHOLDERS' FUNDS 3,000,523 1,767,828

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by:





Mr K M F Lindberg - Director


Tranter Limited (Registered number: 03599898)

Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 10,000 1,015,400 1,025,400

Changes in equity
Total comprehensive income - 742,428 742,428
Balance at 31 December 2022 10,000 1,757,828 1,767,828

Changes in equity
Total comprehensive income - 1,232,695 1,232,695
Balance at 31 December 2023 10,000 2,990,523 3,000,523

Tranter Limited (Registered number: 03599898)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Tranter Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional and presentation currency for the company is pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods supplied and services rendered in the normal course of business, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits will flow to the entity and the costs associated with the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - Over the term of the lease
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost

Fixed assets are initially recorded at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 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.

Tranter Limited (Registered number: 03599898)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. The scheme and its assets are held by independent managers.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£ £
United Kingdom 5,201,524 3,593,168
Europe 160,872 224,380
5,362,396 3,817,548

Tranter Limited (Registered number: 03599898)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. EMPLOYEES AND DIRECTORS
2023 2022
£ £
Wages and salaries 568,921 496,076
Social security costs 64,160 63,018
Other pension costs 42,006 38,884
675,087 597,978

The average number of employees during the year was as follows:
2023 2022

Admin. production 3 3
Production 6 5
Sales 4 4
13 12

2023 2022
£ £
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£ £
Other operating leases 101,246 100,616
Depreciation - owned assets 53,673 14,020
Auditors' remuneration 10,500 10,500
Foreign exchange differences (2,470 ) 4,066

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 388,984 137,357

Deferred tax (9,182 ) 42,408
Tax on profit 379,802 179,765

Tranter Limited (Registered number: 03599898)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 1,612,497 922,193
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

403,124

175,217

Effects of:
Expenses not deductible for tax purposes 419 2,271
Capital allowances in excess of depreciation (100 ) (6,470 )
Re-measurement of deferred tax - change in UK tax rate - 11,441
Other timing differences (2,692 ) (2,372 )
Adjustment to tax charge in respect of current period 3,310 (322 )
Rate change on corporation tax (24,259 ) -
Total tax charge 379,802 179,765

7. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
improvements machinery fittings Totals
£ £ £ £
COST
At 1 January 2023 26,653 309,554 45,267 381,474
Additions - 41,709 - 41,709
At 31 December 2023 26,653 351,263 45,267 423,183
DEPRECIATION
At 1 January 2023 6,554 116,324 45,267 168,145
Charge for year 2,153 51,520 - 53,673
At 31 December 2023 8,707 167,844 45,267 221,818
NET BOOK VALUE
At 31 December 2023 17,946 183,419 - 201,365
At 31 December 2022 20,099 193,230 - 213,329

8. STOCKS
2023 2022
£ £
Stocks 803,834 1,268,830
Work-in-progress 4,755 4,760
808,589 1,273,590

Tranter Limited (Registered number: 03599898)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 880,790 984,783
Tax 62,016 -
Prepayments and accrued income 205,647 189,377
1,148,453 1,174,160

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 10,632 53,464
Amounts owed to group undertakings 130,626 660,390
Tax - 14,745
Social security and other taxes 14,991 14,899
VAT 239,530 220,884
Pension control 5,325 4,926
Accruals and deferred income 129,731 203,639
530,835 1,172,947

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 96,733 86,479
Between one and five years 514,305 498,405
In more than five years 257,040 309,960
868,078 894,844

12. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax
Accelerated capital allowances 38,490 47,672

Deferred tax
£
Balance at 1 January 2023 47,672
Accelerated capital allowances (9,182 )
Balance at 31 December 2023 38,490

Tranter Limited (Registered number: 03599898)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
10,000 Ordinary 1 10,000 10,000

14. RESERVES
Retained
earnings
£

At 1 January 2023 1,757,828
Profit for the year 1,232,695
At 31 December 2023 2,990,523

15. ULTIMATE PARENT COMPANY

The ultimate parent company is Alfa Laval AB (Publ.), a company listed on Nasdaq Stockholm. The largest group in which the results of the company are consolidated is that headed by Alfa Laval AB (Publ.). The consolidated accounts of the company are available to the public and may be obtained from:

The Company Secretary
Alfa Laval AB (Publ.)
P O Box 73
SE-221 00 Lund
Sweden

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

17. ULTIMATE CONTROLLING PARTY

There is no individual controlling party.