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REGISTERED NUMBER: 07498206 (England and Wales)















Abridged Unaudited Financial Statements for the Year Ended 31 January 2024

for

Worcester Trade Frames Ltd

Worcester Trade Frames Ltd (Registered number: 07498206)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Abridged Statement of Financial Position 1

Notes to the Financial Statements 3


Worcester Trade Frames Ltd (Registered number: 07498206)

Abridged Statement of Financial Position
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,703 33,106

CURRENT ASSETS
Stocks 95,150 48,408
Debtors 1,204,752 1,145,123
Prepayments and accrued income 36,777 16,904
Cash at bank and in hand 135,943 286,265
1,472,622 1,496,700
CREDITORS
Amounts falling due within one year 983,808 849,902
NET CURRENT ASSETS 488,814 646,798
TOTAL ASSETS LESS CURRENT
LIABILITIES

515,517

679,904

CREDITORS
Amounts falling due after more than
one year

(30,869

)

(102,137

)

PROVISIONS FOR LIABILITIES (6,262 ) (6,290 )
NET ASSETS 478,386 571,477

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 478,385 571,476
478,386 571,477

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Worcester Trade Frames Ltd (Registered number: 07498206)

Abridged Statement of Financial Position - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Statement of Financial Position for the year ended 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2024 and were signed on its behalf by:





Mr M Holloway - Director


Worcester Trade Frames Ltd (Registered number: 07498206)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Worcester Trade Frames Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07498206

Registered office: Unit 18 Sherriff Street
Worcester
WR4 9AB

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 30% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Worcester Trade Frames Ltd (Registered number: 07498206)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised when the company becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic Financial Liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price, adjusted for transactions costs. Debt instruments are a subsequently carried at amortised cost, using the effective interest method. Where the arrangement constitutes a financing transaction, the debt instrument is measured at present value of future receipts, discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Worcester Trade Frames Ltd (Registered number: 07498206)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023 61,654
Additions 2,989
At 31 January 2024 64,643
DEPRECIATION
At 1 February 2023 28,548
Charge for year 9,392
At 31 January 2024 37,940
NET BOOK VALUE
At 31 January 2024 26,703
At 31 January 2023 33,106

Worcester Trade Frames Ltd (Registered number: 07498206)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 February 2023
and 31 January 2024 18,995
NET BOOK VALUE
At 31 January 2024 18,995
At 31 January 2023 18,995

5. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.1.24 31.1.23
£    £   
Gross obligations repayable:
Within one year 4,520 4,520
Between one and five years 9,417 13,560
13,937 18,080

Finance charges repayable:
Within one year 770 770
Between one and five years 1,669 2,310
2,439 3,080

Net obligations repayable:
Within one year 3,750 3,750
Between one and five years 7,748 11,250
11,498 15,000

Worcester Trade Frames Ltd (Registered number: 07498206)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.1.24 31.1.23
£    £   
Within one year 22,399 20,707
Between one and five years 5,549 13,803
27,948 34,510

6. CONTROL

Ultimate parent company

The ultimate parent company is Pears Plastics Limited, a company registered in England and Wales.

Ultimate controlling party

The ultimate controlling party is Mr M Holloway by virtue of his controlling interest in the ultimate parent company.