Company Registration No. 14375040 (England and Wales)
TR Wings Limited
Unaudited accounts
for the period from 25 September 2022 to 30 September 2023
TR Wings Limited
Unaudited accounts
Contents
TR Wings Limited
Company Information
for the period from 25 September 2022 to 30 September 2023
Directors
Shangara Singh Choongh
Avtar Singh Sandhar
Ravtej Singh Mangat
Tajinder Singh Choongh
Company Number
14375040 (England and Wales)
Registered Office
Local Centre
Unit 5 Pye Green Rd Noble Road
Hednesford
Cannock
WS12 4RW
United Kingdom
TR Wings Limited
Statement of financial position
as at 30 September 2023
Cash at bank and in hand
38,407
Creditors: amounts falling due within one year
(207,153)
Net current liabilities
(137,286)
Called up share capital
100
Profit and loss account
11,393
Shareholders' funds
11,493
For the period ending 30 September 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 15 August 2024 and were signed on its behalf by
Shangara Singh Choongh
Director
Company Registration No. 14375040
TR Wings Limited
Notes to the Accounts
for the period from 25 September 2022 to 30 September 2023
TR Wings Limited is a private company, limited by shares, registered in England and Wales, registration number 14375040. The registered office is Local Centre, Unit 5 Pye Green Rd Noble Road, Hednesford, Cannock, WS12 4RW, United Kingdom.
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 been consistently applied within the same accounts.
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in pound sterling (£), which is the functional and presentation currency of the company.
Turnover represents restaurant takings registered at the point of sale through electronic tills, and is shown net 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:
Plant & machinery
20% reducing balance
Computer equipment
33.33% reducing balance
Other intangible assets represent franchise fees. Franchise fees are amortised over their useful life of over 10 years.
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit and loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
TR Wings Limited
Notes to the Accounts
for the period from 25 September 2022 to 30 September 2023
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing difference are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in difference periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
4
Intangible fixed assets
Other
At 30 September 2023
15,000
Charge for the period
1,500
At 30 September 2023
1,500
At 30 September 2023
13,500
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 25 September 2022
-
-
-
Additions
163,326
400
163,726
At 30 September 2023
163,326
400
163,726
Charge for the period
28,325
122
28,447
At 30 September 2023
28,325
122
28,447
At 30 September 2023
135,001
278
135,279
TR Wings Limited
Notes to the Accounts
for the period from 25 September 2022 to 30 September 2023
Amounts falling due within one year
Accrued income and prepayments
3,092
7
Creditors: amounts falling due within one year
2023
Taxes and social security
1,616
Loans from directors
180,000
Accelerated capital allowances
25,703
Tax losses carried forward
(28,553)
Credited to the profit and loss account
(2,850)
Provision at end of period
(2,850)
The company had unused trading losses during the financial period. Deferred tax asset has been recognised on these losses as it is considered probable that they will be relieved against future taxable profits.
The closing deferred tax asset and liabilities have been calculated at the latest rates substantively enacted as at the balance sheet date standing at 19%.
9
Average number of employees
During the period the average number of employees was 14.