Trutek Fastening Systems UK Limited 13368236 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is agents involved in the sale of timber and building materials. Digita Accounts Production Advanced 6.30.9574.0 true true 13368236 2023-02-01 2024-01-31 13368236 2024-01-31 13368236 core:RetainedEarningsAccumulatedLosses 2024-01-31 13368236 core:ShareCapital 2024-01-31 13368236 core:CurrentFinancialInstruments 2024-01-31 13368236 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 13368236 core:FurnitureFittingsToolsEquipment 2024-01-31 13368236 bus:SmallEntities 2023-02-01 2024-01-31 13368236 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 13368236 bus:FilletedAccounts 2023-02-01 2024-01-31 13368236 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 13368236 bus:RegisteredOffice 2023-02-01 2024-01-31 13368236 bus:Director1 2023-02-01 2024-01-31 13368236 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13368236 core:FurnitureFittings 2023-02-01 2024-01-31 13368236 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 13368236 core:OfficeEquipment 2023-02-01 2024-01-31 13368236 countries:EnglandWales 2023-02-01 2024-01-31 13368236 2023-01-31 13368236 core:FurnitureFittingsToolsEquipment 2023-01-31 13368236 2022-05-01 2023-01-31 13368236 2023-01-31 13368236 core:RetainedEarningsAccumulatedLosses 2023-01-31 13368236 core:ShareCapital 2023-01-31 13368236 core:CurrentFinancialInstruments 2023-01-31 13368236 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 13368236 core:FurnitureFittingsToolsEquipment 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 13368236

Trutek Fastening Systems UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Trutek Fastening Systems UK Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Trutek Fastening Systems UK Limited

(Registration number: 13368236)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

14,569

12,518

Current assets

 

Stocks

5

173,361

22,613

Debtors

6

16,286

11,528

Cash at bank and in hand

 

8,630

538

 

198,277

34,679

Creditors: Amounts falling due within one year

7

(339,545)

(76,603)

Net current liabilities

 

(141,268)

(41,924)

Net liabilities

 

(126,699)

(29,406)

Capital and reserves

 

Called up share capital

6

6

Retained earnings

(126,705)

(29,412)

Shareholders' deficit

 

(126,699)

(29,406)

For the financial 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.

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 Profit and Loss Account.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
M Spencer
Director

 

Trutek Fastening Systems UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Unit 6
New Hall Hay Road
Rawtenstall
Lancashire
BB4 6HL
England

These financial statements were authorised for issue by the Board on 31 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Trutek Fastening Systems UK Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Furniture and fittings

25% reducing balance

Office equipment

33% straight line

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.

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.

 

Trutek Fastening Systems UK Limited

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

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.

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 profit and loss account 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 4 (2023 - 3).

 

Trutek Fastening Systems UK Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

12,599

12,599

Additions

3,778

3,778

At 31 January 2024

16,377

16,377

Depreciation

At 1 February 2023

81

81

Charge for the year

1,727

1,727

At 31 January 2024

1,808

1,808

Carrying amount

At 31 January 2024

14,569

14,569

At 31 January 2023

12,518

12,518

5

Stocks

2024
£

2023
£

Other inventories

173,361

22,613

6

Debtors

2024
£

2023
£

Trade debtors

11,953

-

Other debtors

-

3,060

Prepayments

4,333

8,468

16,286

11,528

 

Trutek Fastening Systems UK Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,620

14,000

Trade creditors

 

4,334

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

314,422

56,332

Taxation and social security

 

3,109

227

Accruals and deferred income

 

944

709

Other creditors

 

6,116

5,335

 

339,545

76,603

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

10,620

14,000