Truckspray (Fenton) Ltd
Company Registration No. 10071353 (England And Wales)
Unaudited Financial Statements
Year Ended 31 March 2024
TRUCKSPRAY (FENTON) LTD
Truckspray (Fenton) Ltd
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
TRUCKSPRAY (FENTON) LTD
Truckspray (Fenton) Ltd
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
127,440
148,680
Tangible assets
5
4,363
3,457
131,803
152,137
Current assets
Stocks
2,500
2,500
Debtors
6
14,170
24,119
Cash at bank and in hand
2,003
4,798
18,673
31,417
Creditors: amounts falling due within one year
7
(90,918)
(96,289)
Net current liabilities
(72,245)
(64,872)
Total assets less current liabilities
59,558
87,265
Creditors: amounts falling due after more than one year
8
(83,460)
(86,333)
Provisions for liabilities
(1,090)
(657)
Net (liabilities)/assets
(24,992)
275
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(25,092)
175
Total equity
(24,992)
275
TRUCKSPRAY (FENTON) LTD
Truckspray (Fenton) Ltd
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
Mr M G Rushton
Director
Company registration number 10071353 (England and Wales)
TRUCKSPRAY (FENTON) LTD
Truckspray (Fenton) Ltd
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Truckspray (Fenton) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Elsing Street, Fenton, Staffordshire, England, ST4 2PR.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

There was a net deficiency of assets at the balance sheet date, however the directors have confirmed continued support and consider the company retains sufficient working capital to continue trading for the foreseeable future. The accounts are therefore prepared on a going concern basis.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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 and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

TRUCKSPRAY (FENTON) LTD
Truckspray (Fenton) Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
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. Management have reviewed the value of goodwill at the balance sheet date and determined that its remaining expected life can be reliably estimated at ten years. It is therefore amortised on a systematic basis over its remaining expected life of ten years.

1.5
Tangible fixed assets

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

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

Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
33% on cost
1.6
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.8
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.

1.9
Taxation

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

TRUCKSPRAY (FENTON) LTD
Truckspray (Fenton) Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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 and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs 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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.13
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.

TRUCKSPRAY (FENTON) LTD
Truckspray (Fenton) Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
5
5
TRUCKSPRAY (FENTON) LTD
Truckspray (Fenton) Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
354,000
Amortisation and impairment
At 1 April 2023
205,320
Amortisation charged for the year
21,240
At 31 March 2024
226,560
Carrying amount
At 31 March 2024
127,440
At 31 March 2023
148,680
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2023
3,989
6,314
654
10,957
Additions
2,454
-
0
-
0
2,454
At 31 March 2024
6,443
6,314
654
13,411
Depreciation and impairment
At 1 April 2023
2,945
4,159
396
7,500
Depreciation charged in the year
874
539
135
1,548
At 31 March 2024
3,819
4,698
531
9,048
Carrying amount
At 31 March 2024
2,624
1,616
123
4,363
At 31 March 2023
1,044
2,155
258
3,457
TRUCKSPRAY (FENTON) LTD
Truckspray (Fenton) Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,516
20,888
Corporation tax recoverable
1,020
-
0
Other debtors
634
3,231
14,170
24,119
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
24,866
17,283
Trade creditors
23,520
17,359
Corporation tax
2,335
11,791
Other taxation and social security
12,380
8,746
Other creditors
27,817
41,110
90,918
96,289
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
68,460
38,886
Other creditors
15,000
47,447
83,460
86,333
9
Secured debts

Creditors include secured debts in the sum of £38,886 (2023 : £56,168)

TRUCKSPRAY (FENTON) LTD
Truckspray (Fenton) Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
27,000
68,000
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