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Registration number: 04859603

T & W Vending Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

T & W Vending Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

T & W Vending Limited

Company Information

Director

Mr Timothy Smith

Registered office

3 The Hollies
Sherwood Crescent
Market Drayton
Shropshire
TF9 1NH

Accountants

Aims Accountants For Business
Chartered Certified Accountant

 

T & W Vending Limited

(Registration number: 04859603)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,400

13,050

Tangible assets

5

78,892

82,787

 

83,292

95,837

Current assets

 

Stocks

6

108,195

96,282

Debtors

7

2,396

2,014

Cash at bank and in hand

 

57,815

97,785

 

168,406

196,081

Prepayments and accrued income

 

-

16,000

Creditors: Amounts falling due within one year

(26,389)

(37,495)

Net current assets

 

142,017

174,586

Total assets less current liabilities

 

225,309

270,423

Provisions for liabilities

(4,385)

(4,385)

Accruals and deferred income

 

(414)

(30,414)

Net assets

 

220,510

235,624

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

220,509

235,623

Shareholders' funds

 

220,510

235,624

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

T & W Vending Limited

(Registration number: 04859603)
Abridged Balance Sheet as at 31 March 2024

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 1 May 2024
 

.........................................
Mr Timothy Smith
Director

 

T & W Vending Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
3 The Hollies
Sherwood Crescent
Market Drayton
Shropshire
TF9 1NH
England

These financial statements were authorised for issue by the director on 1 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using 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.

Tax

The tax expense for the period comprises current 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.

 

T & W Vending Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet 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.

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 class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Commercial Motor Vehicles

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Written off over 10 years

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.

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.

 

T & W Vending Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

T & W Vending Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

173,000

At 31 March 2024

173,000

Amortisation

At 1 April 2023

159,950

Amortisation charge

8,650

At 31 March 2024

168,600

Carrying amount

At 31 March 2024

4,400

At 31 March 2023

13,050

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

8,000

195,067

87,849

290,916

Additions

-

-

50,270

50,270

Disposals

-

-

(48,750)

(48,750)

At 31 March 2024

8,000

195,067

89,369

292,436

Depreciation

At 1 April 2023

8,000

161,499

38,630

208,129

Charge for the year

-

5,035

12,568

17,603

Eliminated on disposal

-

-

(12,188)

(12,188)

At 31 March 2024

8,000

166,534

39,010

213,544

Carrying amount

At 31 March 2024

-

28,533

50,359

78,892

At 31 March 2023

-

33,568

49,219

82,787

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

 

T & W Vending Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

108,195

96,282

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

9

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £28,000.00 per each Ordinary shares

 

28,000

 

28,000

         

10

Related party transactions

 

T & W Vending Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,000

12,000