Registered number
07536861
City Trims Limited
Filleted Accounts
29 February 2024
City Trims Limited
Registered number: 07536861
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,797 11,392
Current assets
Stocks 88,238 65,910
Debtors 4 66,609 98,093
Cash at bank and in hand 185,776 189,353
340,623 353,356
Creditors: amounts falling due within one year 5 (193,775) (234,900)
Net current assets 146,848 118,456
Net assets 152,645 129,848
Capital and reserves
Called up share capital 100 100
Profit and loss account 152,545 129,748
Shareholders' funds 152,645 129,848
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Clare
Director
Approved by the board on 6 November 2024
City Trims Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
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).
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 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 4 years
Office equipment over 3 years
Plant and machinery over 4 years
Stocks
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.
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 6
3 Tangible fixed assets
Computer equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 4,757 9,211 15,500 29,468
Additions 483 35 - 518
At 29 February 2024 5,240 9,246 15,500 29,986
Depreciation
At 1 March 2023 3,017 4,737 10,322 18,076
Charge for the year 903 2,022 3,188 6,113
At 29 February 2024 3,920 6,759 13,510 24,189
Net book value
At 29 February 2024 1,320 2,487 1,990 5,797
At 28 February 2023 1,740 4,474 5,178 11,392
4 Debtors 2024 2023
£ £
Trade debtors 61,786 93,910
Other debtors 4,823 4,183
66,609 98,093
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 41,654 66,712
Taxation and social security costs 20,269 21,365
Other creditors 131,852 146,823
193,775 234,900
5 Related party transactions 2024 2023
£ £
MPC Windows Limited a company controlled by a common director.
Sales to company in the year - -
Purchased from company in the year - -
Amount due to City Trims Ltd a the balance sheet date - 3,056
6 Other information
City Trims Limited is a private company limited by shares and incorporated in England. Its registered office is:
102 Tettenhall Road
Wolverhampton
WV6 0BW
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