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Registered number: 03233202
Trantec (Solids Handling) Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Lumb Accountancy Services Limited
Chartered Certified Accountants
New Hall Hey Business Centre
New Hall Hey Road
Rawtenstall
Lancashire
BB4 6HL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03233202
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 449,671 465,565
449,671 465,565
CURRENT ASSETS
Stocks 5 59,563 53,647
Debtors 6 94,271 152,954
Cash at bank and in hand 435,105 380,173
588,939 586,774
Creditors: Amounts Falling Due Within One Year 7 (154,193 ) (172,572 )
NET CURRENT ASSETS (LIABILITIES) 434,746 414,202
TOTAL ASSETS LESS CURRENT LIABILITIES 884,417 879,767
Creditors: Amounts Falling Due After More Than One Year 8 (262,449 ) (285,086 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,470 ) (8,847 )
NET ASSETS 608,498 585,834
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 608,398 585,734
SHAREHOLDERS' FUNDS 608,498 585,834
Page 1
Page 2
For the year ending 31 January 2024 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 Gareth Harrison
Director
1 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Trantec (Solids Handling) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03233202 . The registered office is Four Lane Ends Road, Stacksteads, Bacup, OL13 0TB.
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:
Freehold 2% straight line basis
Plant & Machinery 20% straight line basis
Motor Vehicles 25% reducing balance basis
Fixtures & Fittings 20% straight line basis
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 13)
14 13
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 February 2023 417,862 301,824 45,885 36,313 801,884
Additions - 15,809 - 4,016 19,825
As at 31 January 2024 417,862 317,633 45,885 40,329 821,709
Depreciation
As at 1 February 2023 27,392 257,054 21,667 30,206 336,319
Provided during the period 8,217 18,772 6,055 2,675 35,719
As at 31 January 2024 35,609 275,826 27,722 32,881 372,038
Net Book Value
As at 31 January 2024 382,253 41,807 18,163 7,448 449,671
As at 1 February 2023 390,470 44,770 24,218 6,107 465,565
5. Stocks
2024 2023
£ £
Raw materials 59,563 53,647
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 85,429 144,229
Other debtors 8,842 8,725
94,271 152,954
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 47,513 49,362
Bank loans and overdrafts 22,637 22,228
Other creditors 61,743 85,049
Taxation and social security 22,300 15,933
154,193 172,572
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 262,449 285,086
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 190,856 205,273
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 258,419 270,647
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 24,000 24,000
Page 5