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Company Registration No. 09007542 (England and Wales)
Trade Access Panels Ltd Unaudited accounts for the year ended 30 April 2024
Trade Access Panels Ltd Unaudited accounts Contents
Page
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Trade Access Panels Ltd Statement of financial position as at 30 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
14,686 
20,561 
Tangible assets
26,733 
39,159 
41,419 
59,720 
Current assets
Inventories
123,331 
97,128 
Debtors
975,250 
616,937 
Cash at bank and in hand
761,494 
807,809 
1,860,075 
1,521,874 
Creditors: amounts falling due within one year
(738,868)
(750,127)
Net current assets
1,121,207 
771,747 
Total assets less current liabilities
1,162,626 
831,467 
Creditors: amounts falling due after more than one year
(10,833)
(20,833)
Net assets
1,151,793 
810,634 
Capital and reserves
Called up share capital
80 
80 
Capital redemption reserve
20 
20 
Profit and loss account
1,151,693 
810,534 
Shareholders' funds
1,151,793 
810,634 
For the year ending 30 April 2024 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 18 June 2024 and were signed on its behalf by
Mr E T Foster Director Company Registration No. 09007542
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Trade Access Panels Ltd Notes to the Accounts for the year ended 30 April 2024
1
Statutory information
Trade Access Panels Ltd is a private company, limited by shares, registered in England and Wales, registration number 09007542. The registered office is Unit 4-5 Central Park, Progress Drive, Cannock, Staffordshire, WS11 0JF.
2
Compliance with accounting standards
These financial Statements have been prepared in accordance with FRS 102 "The Financial Reporting standard applicable in the UK and Republic of Ireland" ("FRS102") 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. The principal accounting policies adopted are set out below.
3
Accounting policies
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.
Turnover
Turnover represents the value of goods sold, excluding value added tax, work in progress and, in respect of incomplete contracts, the value of work executed during the year. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. 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 associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates as a proportion of the total cost. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Research and development expenditure
Expenditure on research and development is written off in the year in which it is incurred.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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:
Fixtures & fittings
20% to 33.3% Straight line
Computer equipment
25% Straight line
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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Trade Access Panels Ltd Notes to the Accounts for the year ended 30 April 2024
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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 statement of financial position 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 initially measured at transaction price including transaction costs and are subsequently carried out at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price 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. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using effective interest rate method. Trade creditors are obligations to pay for goods and 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 creditors are recognised initially at transportation price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at 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.
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 enacted or substantively enacted by the reporting end date.
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Trade Access Panels Ltd Notes to the Accounts for the year ended 30 April 2024
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Employee benefits
The cost of short term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 May 2023
24,994 
At 30 April 2024
24,994 
Amortisation
At 1 May 2023
4,433 
Charge for the year
5,875 
At 30 April 2024
10,308 
Net book value
At 30 April 2024
14,686 
At 30 April 2023
20,561 
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Trade Access Panels Ltd Notes to the Accounts for the year ended 30 April 2024
5
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 May 2023
48,165 
10,718 
58,883 
Additions
1,462 
3,316 
4,778 
At 30 April 2024
49,627 
14,034 
63,661 
Depreciation
At 1 May 2023
13,031 
6,693 
19,724 
Charge for the year
15,472 
1,732 
17,204 
At 30 April 2024
28,503 
8,425 
36,928 
Net book value
At 30 April 2024
21,124 
5,609 
26,733 
At 30 April 2023
35,134 
4,025 
39,159 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
274,956 
438,628 
Other debtors
700,294 
178,309 
975,250 
616,937 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
Trade creditors
359,351 
350,532 
Taxes and social security
302,511 
237,483 
Other creditors
67,006 
152,112 
738,868 
750,127 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
10,833 
20,833 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
30 Ordinary shares of £1 each
30 
30 
50 Preference shares of £1 each
50 
50 
80 
80 
10
Average number of employees
During the year the average number of employees was 8 (2023: 6).
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