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Registered number: 02882126
Technical Resource Midlands Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Solid Rock Accountancy Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02882126
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,137 2,137
Tangible Assets 5 87,121 64,259
89,258 66,396
CURRENT ASSETS
Debtors 6 71,997 66,889
Cash at bank and in hand 24,737 5,963
96,734 72,852
Creditors: Amounts Falling Due Within One Year 7 (47,125 ) (41,238 )
NET CURRENT ASSETS (LIABILITIES) 49,609 31,614
TOTAL ASSETS LESS CURRENT LIABILITIES 138,867 98,010
Creditors: Amounts Falling Due After More Than One Year 8 (15,761 ) (16,745 )
NET ASSETS 123,106 81,265
CAPITAL AND RESERVES
Called up share capital 9 74 74
Profit and Loss Account 123,032 81,191
SHAREHOLDERS' FUNDS 123,106 81,265
Page 1
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 Martyn Bright
Director
03/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Technical Resource Midlands Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02882126 . The registered office is Church Farm, Wilkinson Lane, Elmesthorpe, Leicestershire, LE16 7SP.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Freehold 0%
Plant & Machinery 20%
Motor Vehicles 25%
Fixtures & Fittings 20%
2.5. 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. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
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. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 4)
3 4
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 2,137
As at 31 December 2023 2,137
Net Book Value
As at 31 December 2023 2,137
As at 1 January 2023 2,137
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 54,479 148,033 45,269 247,781
Additions - 72,001 - 72,001
Disposals (50,229 ) (74,673 ) (41,099 ) (166,001 )
As at 31 December 2023 4,250 145,361 4,170 153,781
Depreciation
As at 1 January 2023 52,798 95,583 35,141 183,522
Provided during the period 223 27,978 574 28,775
Disposals (49,662 ) (62,134 ) (33,841 ) (145,637 )
As at 31 December 2023 3,359 61,427 1,874 66,660
Net Book Value
As at 31 December 2023 891 83,934 2,296 87,121
As at 1 January 2023 1,681 52,450 10,128 64,259
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 68,171 65,206
Prepayments and accrued income 1,499 842
69,670 66,048
Due after more than one year
Other debtors (1) 2,327 841
71,997 66,889
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 732 (4,288 )
Corporation tax 22,747 18,017
Other taxes and social security 740 737
Loan from TRM Support Ltd (813 ) (813 )
Loan from TRM Properties Ltd 18,703 22,131
Credit Card 1,766 2,204
Accruals and deferred income 3,250 3,250
47,125 41,238
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
VAT 12,770 13,152
Directors loan account 2,991 3,593
15,761 16,745
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 74 74
Page 5