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REGISTERED NUMBER: 01980202 (England and Wales)










Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Trafford Rubber Products Limited

Trafford Rubber Products Limited (Registered number: 01980202)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Trafford Rubber Products Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: L J Cotton
P Keeley
C D Mathews
T M Jenkinson





REGISTERED OFFICE: Greengate Works
Broadoak Business Park
Ashburton Road West
Trafford Park
Manchester
M17 1RW





REGISTERED NUMBER: 01980202 (England and Wales)





ACCOUNTANTS: Thompson Jones Business Solutions Limited
2 Heap Bridge
Bury
Lancashire
BL9 7HR

Trafford Rubber Products Limited (Registered number: 01980202)

Balance Sheet
29 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 330,795 364,065

CURRENT ASSETS
Stocks 6 386,219 530,198
Debtors 7 6,259,566 6,000,949
Prepayments and accrued income 11,230 8,836
Cash at bank 120,341 361,290
6,777,356 6,901,273
CREDITORS
Amounts falling due within one year 8 (1,624,652 ) (2,036,998 )
NET CURRENT ASSETS 5,152,704 4,864,275
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,483,499

5,228,340

CREDITORS
Amounts falling due after more than one
year

9

(780,514

)

(895,681

)

PROVISIONS FOR LIABILITIES (77,900 ) (69,787 )
NET ASSETS 4,625,085 4,262,872

CAPITAL AND RESERVES
Called up share capital 11 31,066 31,066
Share premium 47,810 47,810
Capital redemption reserve 2,290 2,290
Retained earnings 4,543,919 4,181,706
SHAREHOLDERS' FUNDS 4,625,085 4,262,872

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Trafford Rubber Products Limited (Registered number: 01980202)

Balance Sheet - continued
29 February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:





L J Cotton - Director


Trafford Rubber Products Limited (Registered number: 01980202)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Greengate Works
Broadoak Business Park
Ashburton Road West
Trafford Park
Manchester
M17 1RW

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

REVENUE RECOGNITION
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

TANGIBLE ASSETS
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

The company has applied the option under FRS 102 section 35.10(d) to use the previously applied GAAP revaluation as deemed cost on transition.

Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset classDepreciation method and rate

Freehold buildings2% straight line basis
Plant and machinery10% straight line basis
Motor vehicles20% & 10% straight line basis
Fixture and fittings10% straight line basis

Trafford Rubber Products Limited (Registered number: 01980202)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

TAXATION
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 CURRENCY TRANSACTIONS AND BALANCES
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange rate differences are included in the profit and loss as a cost of sale.

Trafford Rubber Products Limited (Registered number: 01980202)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

LEASES
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

DEFINED CONTRIBUTION PENSION OBLIGATION
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

DEVELOPMENT COSTS
Research and development expenditure is written off as incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trafford Rubber Products Limited (Registered number: 01980202)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

TRADE DEBTORS
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 28 ) .

Trafford Rubber Products Limited (Registered number: 01980202)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 381,205 334,122 45,868 761,195
Additions 26,106 - - 26,106
At 29 February 2024 407,311 334,122 45,868 787,301
DEPRECIATION
At 1 March 2023 180,228 203,560 13,342 397,130
Charge for year 39,746 13,500 6,130 59,376
At 29 February 2024 219,974 217,060 19,472 456,506
NET BOOK VALUE
At 29 February 2024 187,337 117,062 26,396 330,795
At 28 February 2023 200,977 130,562 32,526 364,065

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 19,983 135,000 45,868 200,851
DEPRECIATION
At 1 March 2023 657 4,438 13,342 18,437
Charge for year 1,998 13,500 6,130 21,628
At 29 February 2024 2,655 17,938 19,472 40,065
NET BOOK VALUE
At 29 February 2024 17,328 117,062 26,396 160,786
At 28 February 2023 19,326 130,562 32,526 182,414

6. STOCKS
2024 2023
£    £   
Raw materials 386,219 530,198

Trafford Rubber Products Limited (Registered number: 01980202)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 946,381 1,033,805
Amounts owed by group undertakings 5,313,185 4,965,726
Other debtors - 1,418
6,259,566 6,000,949

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 820,782 1,015,568
Hire purchase contracts 95,772 85,228
Trade creditors 549,105 709,284
Amounts owed to group undertakings - 23,409
Taxation and social security 80,778 104,453
Other creditors 78,215 99,056
1,624,652 2,036,998

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 10) 562,958 637,833
Hire purchase contracts 217,556 257,848
780,514 895,681

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 605,282 837,568
Bank loans 215,500 178,000
820,782 1,015,568

Amounts falling due between one and two years:
Bank loans - 1-2 years 215,500 178,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 347,458 459,833

Trafford Rubber Products Limited (Registered number: 01980202)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

10. LOANS - continued

Bank borrowings
Bank borrowings are secured by way of a fixed and floating charge over all current and future assets of the company.

Other borrowings
Finance lease borrowings are secured against the assets to which they relate.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
31,066 Ordinary £ 1 31,066 31,066

12. ULTIMATE CONTROLLING PARTY

The company's ultimate parent is Trafford Rubber Products (Holdings) Limited, incorporated in England and Wales.

The financial statements of that company are available upon request from Companies House, Crown Way, Cardiff, CF43UZ.