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Registered number: 03613690
Truform Industries Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 03613690
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,684 2,467
2,684 2,467
CURRENT ASSETS
Debtors 5 182,363 132,519
Cash at bank and in hand 61,056 80,308
243,419 212,827
Creditors: Amounts Falling Due Within One Year 6 (125,349 ) (113,665 )
NET CURRENT ASSETS (LIABILITIES) 118,070 99,162
TOTAL ASSETS LESS CURRENT LIABILITIES 120,754 101,629
NET ASSETS 120,754 101,629
CAPITAL AND RESERVES
Called up share capital 7 50 50
Capital redemption reserve 50 50
Profit and Loss Account 120,654 101,529
SHAREHOLDERS' FUNDS 120,754 101,629
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Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr P Holmes
Director
12 September 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Truform Industries Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03613690 . The registered office is 113 Beamhill Road, Stretton, Burton on Trent, Staffordshire, DE13 0AD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on reducing balance
Fixtures & Fittings 12.50% on reducing balance
Computer Equipment 33.33% on reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 3)
2 3
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 159 698 2,707 3,564
Additions - - 1,474 1,474
Disposals - - (649 ) (649 )
As at 31 December 2023 159 698 3,532 4,389
Depreciation
As at 1 January 2023 120 323 654 1,097
Provided during the period 8 75 588 671
Disposals - - (63 ) (63 )
As at 31 December 2023 128 398 1,179 1,705
Net Book Value
As at 31 December 2023 31 300 2,353 2,684
As at 1 January 2023 39 375 2,053 2,467
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 69,986 71,570
Prepayments and accrued income 1,046 949
Other debtors 110,931 60,000
Corporation tax recoverable assets 400 -
182,363 132,519
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 3,323 4,948
Corporation tax 19,629 22,656
Other taxes and social security 700 -
VAT 15,110 15,428
Net wages 625 -
Accruals and deferred income 1,851 1,750
Director's loan account 84,111 68,883
125,349 113,665
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 50 50
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