Trusip Limited 10165366 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of a telecommunications service provider. Digita Accounts Production Advanced 6.30.9574.0 true true true 10165366 2023-06-01 2024-05-31 10165366 2024-05-31 10165366 core:RetainedEarningsAccumulatedLosses 2024-05-31 10165366 core:ShareCapital 2024-05-31 10165366 core:CurrentFinancialInstruments 2024-05-31 10165366 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 10165366 core:Non-currentFinancialInstruments 2024-05-31 10165366 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 10165366 core:FurnitureFittingsToolsEquipment 2024-05-31 10165366 bus:SmallEntities 2023-06-01 2024-05-31 10165366 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10165366 bus:FilletedAccounts 2023-06-01 2024-05-31 10165366 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10165366 bus:RegisteredOffice 2023-06-01 2024-05-31 10165366 bus:Director4 2023-06-01 2024-05-31 10165366 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10165366 core:OfficeEquipment 2023-06-01 2024-05-31 10165366 1 2023-06-01 2024-05-31 10165366 countries:EnglandWales 2023-06-01 2024-05-31 10165366 2023-05-31 10165366 core:FurnitureFittingsToolsEquipment 2023-05-31 10165366 2022-06-01 2023-05-31 10165366 2023-05-31 10165366 core:RetainedEarningsAccumulatedLosses 2023-05-31 10165366 core:ShareCapital 2023-05-31 10165366 core:CurrentFinancialInstruments 2023-05-31 10165366 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10165366 core:Non-currentFinancialInstruments 2023-05-31 10165366 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 10165366

Trusip Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Trusip Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Trusip Limited

(Registration number: 10165366)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Stocks

5

52,688

53,638

Debtors

6

550,771

423,871

Cash at bank and in hand

 

44,274

22,250

 

647,733

499,759

Creditors: Amounts falling due within one year

7

(486,770)

(471,868)

Total assets less current liabilities

 

160,963

27,891

Creditors: Amounts falling due after more than one year

7

(108,552)

(27,316)

Net assets

 

52,411

575

Capital and reserves

 

Called up share capital

100

100

Retained earnings

52,311

475

Shareholders' funds

 

52,411

575

For the financial year ending 31 May 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
Mrs J B Leahy
Director

 

Trusip Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Phoenix Park Industrial Estate
Park Street
Heywood
Lancashire
OL10 2AB

These financial statements were authorised for issue by the Board on 22 October 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 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 financial statements have been prepared using the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The company has a net deficit as at 31 May 2022, however the current financial year has seen the company trading profitably and it on this basis that the directors consider the company to be a going concern.

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.

 

Trusip Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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

Office Equipment

Over 3 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.

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.

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.

 

Trusip Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Trusip Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

24,909

24,909

At 31 May 2024

24,909

24,909

Depreciation

At 1 June 2023

24,909

24,909

At 31 May 2024

24,909

24,909

Carrying amount

At 31 May 2024

-

-

5

Stocks

2024
£

2023
£

Life time licences stock

52,688

53,638

6

Debtors

2024
£

2023
£

Trade debtors

263,490

194,092

Prepayments

50,726

45,224

Other debtors

236,555

184,555

550,771

423,871

 

Trusip Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

141,988

55,344

Trade creditors

 

204,426

219,909

Taxation and social security

 

66,162

47,354

Accruals and deferred income

 

20,208

51,047

Other creditors

 

53,986

98,214

 

486,770

471,868

Loan and borrowings include a bank loan, due within one year, of £9,951 (2023: £10,044) which is guaranteed by the Government under the Bounce Back Loan Scheme.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

108,552

27,316

Loans and borrowings include a bank loans, due after one year, of £18,170 (2023: £27,332) which is guaranteed by the Government under the Bounce Back Loan Scheme.

 

Trusip Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

18,170

27,316

Other borrowings

90,382

-

108,552

27,316

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,951

55,344

Other borrowings

132,037

-

141,988

55,344

9

Parent and ultimate parent undertaking

The company's immediate parent is Trust Distribution Limited, incorporated in England and Wales.

 The ultimate parent is Trust Group Ventures Limited, incorporated in England and Wales.