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COMPANY REGISTRATION NUMBER: 09637612
Truck Mounted Forklifts (Wales) Ltd
Filleted Unaudited Financial Statements
31 December 2023
Truck Mounted Forklifts (Wales) Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
67,913
33,480
Current assets
Stocks
15,000
15,750
Debtors
7
50,285
63,727
Cash at bank and in hand
41,358
54,975
---------
---------
106,643
134,452
Creditors: amounts falling due within one year
8
35,807
40,099
---------
---------
Net current assets
70,836
94,353
---------
---------
Total assets less current liabilities
138,749
127,833
Creditors: amounts falling due after more than one year
9
37,651
10,488
---------
---------
Net assets
101,098
117,345
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
101,096
117,343
---------
---------
Shareholders funds
101,098
117,345
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Truck Mounted Forklifts (Wales) Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr J Carter
Director
Company registration number: 09637612
Truck Mounted Forklifts (Wales) Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Summit House, 10 Waterside Court, Newport, NP20 5NT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
5,597
----
-------
Tax on profit
5,597
----
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
1,307
29,932
-------
--------
Profit on ordinary activities by rate of tax
248
5,687
Effect of expenses not deductible for tax purposes
3,877
1,763
Effect of capital allowances and depreciation
( 13,309)
( 1,853)
Utilisation of tax losses
5,597
Unused tax losses
3,587
--------
--------
Tax on profit
5,597
--------
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
18,018
64,763
541
83,322
Additions
54,000
492
54,492
--------
--------
-------
---------
At 31 December 2023
72,018
64,763
1,033
137,814
--------
--------
-------
---------
Depreciation
At 1 January 2023
6,998
42,799
45
49,842
Charge for the year
7,888
12,025
146
20,059
--------
--------
-------
---------
At 31 December 2023
14,886
54,824
191
69,901
--------
--------
-------
---------
Carrying amount
At 31 December 2023
57,132
9,939
842
67,913
--------
--------
-------
---------
At 31 December 2022
11,020
21,964
496
33,480
--------
--------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
50,285
63,727
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,457
( 244)
Corporation tax
5,597
Social security and other taxes
11,964
15,937
Other creditors
20,386
18,809
--------
--------
35,807
40,099
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
37,651
10,488
--------
--------
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
14,398
3,569
Later than 1 year and not later than 5 years
37,651
10,488
--------
--------
52,049
14,057
--------
--------
11. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
101,422
132,367
---------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
56,110
15,877
--------
--------
12. Directors' advances, credits and guarantees
As at the 31st December 2023, the company owed the directors £4,078. In 2022, the company owed the directors £13,420.
13. Related party transactions
The company was under the control of Mr J and Mrs A Carter throughout the current and previous period. Mr J and Mrs A Carter are directors and equal shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102A.