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Registration number: 11362496

Trex 2 Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 May 2024

 

Trex 2 Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Trex 2 Limited

(Registration number: 11362496)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

277,360

273,286

Current assets

 

Debtors

5

193,726

39,053

Cash at bank and in hand

 

227,297

145,701

 

421,023

184,754

Creditors: Amounts falling due within one year

6

(296,136)

(180,195)

Net current assets

 

124,887

4,559

Total assets less current liabilities

 

402,247

277,845

Creditors: Amounts falling due after more than one year

6

(259,241)

(215,258)

Provisions for liabilities

(27,533)

(22,467)

Net assets

 

115,473

40,120

Capital and reserves

 

Called up share capital

5

5

Profit and loss account

115,468

40,115

Shareholders' funds

 

115,473

40,120

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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 15 November 2024 and signed on its behalf by:
 

 

Trex 2 Limited

(Registration number: 11362496)
Statement of Financial Position as at 31 May 2024

.........................................
Mr C R Jefferson
Company secretary and director

 

Trex 2 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: The Little Gym, 76a Park Street, Camberley, Surrey, GU15 3PT.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 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.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred 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.

 

Trex 2 Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Leasehold improvements

20 years straight line

Plant and machinery

4 years straight line and 25% reducing balance

Office equipment

3 years straight line

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Trex 2 Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2023 - 32).

 

Trex 2 Limited

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

4

Tangible assets

Leasehold improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

160,512

291,384

5,082

-

456,978

Additions

-

10,679

-

54,280

64,959

At 31 May 2024

160,512

302,063

5,082

54,280

521,937

Depreciation

At 1 June 2023

22,452

157,081

4,159

-

183,692

Charge for the year

8,026

38,612

677

13,570

60,885

At 31 May 2024

30,478

195,693

4,836

13,570

244,577

Carrying amount

At 31 May 2024

130,034

106,370

246

40,710

277,360

At 31 May 2023

138,060

134,303

923

-

273,286

5

Debtors

2024
£

2023
£

Trade debtors

-

48

Prepayments

21,796

13,591

Other debtors

171,930

25,414

193,726

39,053

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

7

82,265

56,593

Trade creditors

 

95,103

23,080

Taxation and social security

 

47,292

35,362

Accruals and deferred income

 

62,109

54,662

Other creditors

 

9,367

10,498

 

296,136

180,195

 

Trex 2 Limited

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

259,241

215,258


Creditors include bank loans repayable by instalments of £5,957 (2023 - £11,913) due after more than five years.

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

217,602

215,258

Hire purchase contracts

41,639

-

259,241

215,258

Current loans and borrowings

2024
£

2023
£

Bank borrowings

75,405

56,593

Hire purchase contracts

6,860

-

82,265

56,593

Bank borrowings

The loans are secured by a fixed and floating charge over the assets of the company.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £1,127,255 (2023 - £708,604).