Trax Resourcing Limited |
Notes to the Accounts |
for the period from 11 May 2023 to 31 May 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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2 |
Going Concern |
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These financial statements have been prepared on a going concern basis which assumes that the company will continue in its operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support from the company's shareholder. If the company were unable to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amounts and to provide for further liabilities that may arise. |
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3 |
Employees |
2024 |
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Number |
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Average number of persons employed by the company |
1 |
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4 |
Debtors |
2024 |
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£ |
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Other debtors |
1 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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£ |
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Trade creditors |
169 |
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Other creditors |
4,880 |
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5,049 |
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6 |
Related party transactions |
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Other creditors at the year end includes £3,379 due to the director, Siobhan Marie Murphy. This amount is unsecured, interest free and repayable on demand. |
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7 |
Controlling party |
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The ultimate controlling party is Siobhan Marie Murphy by virtue of her 100% shareholding in the company. |
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8 |
Other information |
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Trax Resourcing Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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317 Horn Lane |
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Acton |
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London W3 0BU |