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Registration number: 00675169

Tremletts (Skicraft) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Tremletts (Skicraft) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Tremletts (Skicraft) Limited

Company Information

Directors

Ms K Tremlett

Mrs D Tremlett

Mr MWH Tremlett

Registered office

11 Yeo Business Park Axehayes Farm
Clyst St. Mary
Exeter
Devon
EX5 1DP

Accountants

M.J. Smith & Co Limited
Chartered Accountants
11 Yeo Business Park Axehayes Farm
Clyst St. Mary
Exeter
Devon
EX5 1DP

 

Tremletts (Skicraft) Limited

(Registration number: 00675169)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

6

2,164,146

1,336,095

Current assets

 

stocks

7

70,335

70,335

Debtors

8

48,149

89,879

Cash at bank and in hand

 

134,795

153,522

 

253,279

313,736

Creditors: Amounts falling due within one year

9

(662,448)

(647,164)

Net current liabilities

 

(409,169)

(333,428)

Total assets less current liabilities

 

1,754,977

1,002,667

Creditors: Amounts falling due after more than one year

9

(869,279)

(165,583)

Net assets

 

885,698

837,084

capital and reserves

 

Called up share capital

5,000

5,000

Profit and loss account

880,698

832,084

Total equity

 

885,698

837,084

For the financial year ending 30 November 2023 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 28 November 2024 and signed on its behalf by:
 

 

Tremletts (Skicraft) Limited

(Registration number: 00675169)
Balance Sheet as at 30 November 2023

.........................................
Mr MWH Tremlett
Director

 

Tremletts (Skicraft) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
11 Yeo Business Park Axehayes Farm
Clyst St. Mary
Exeter
Devon
EX5 1DP
United Kingdom

These financial statements were authorised for issue by the Board on 28 November 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 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.

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.

Tax

The tax expense for the period comprises current 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.

 

Tremletts (Skicraft) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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

Solar Panels

15% reducing balance basis

Fixture, fittings & equipment

10% reducing balance basis

Computer equipment

20% reducing balance basis

Moulds

10% reducing balance basis

Motor vehicles & trailer

25% reducing balance basis

Airmaran

10% reducing balance basis

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.

 

Tremletts (Skicraft) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

5,129

5,824

5

Taxation on profits on ordinary activities

Note

2023
£

2022
 £

Tax reconciliation

 

UK corporation tax

 

12,599

5,625

 

Tremletts (Skicraft) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Tangible assets

Land and buildings
£

Furniture, fittings, computer equipment and airmaran
 £

Motor vehicles
 £

Solar panels
£

Moulds
£

Total
£

Cost or valuation

At 1 December 2022

1,291,248

66,945

5,733

66,727

229,973

1,660,626

Additions

833,179

-

-

-

-

833,179

At 30 November 2023

2,124,427

66,945

5,733

66,727

229,973

2,493,805

Depreciation

At 1 December 2022

-

53,945

5,635

55,150

209,801

324,531

Charge for the year

-

1,350

24

1,736

2,018

5,128

At 30 November 2023

-

55,295

5,659

56,886

211,819

329,659

Carrying amount

At 30 November 2023

2,124,427

11,650

74

9,841

18,154

2,164,146

At 30 November 2022

1,291,248

13,000

98

11,577

20,172

1,336,095

Included within the net book value of land and buildings above is £2,124,427 (2022 - £1,291,248) in respect of freehold land and buildings.
 

 

Tremletts (Skicraft) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Stocks

2023
£

2022
£

Other inventories

70,335

70,335

8

Debtors

Current

2023
£

2022
£

Trade debtors

8,379

38,228

Prepayments

6,298

6,517

Other debtors

33,472

45,134

 

48,149

89,879

 

Tremletts (Skicraft) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

34,401

37,857

trade creditors

 

159,168

132,377

Taxation and social security

 

340

970

Accruals and deferred income

 

8,251

11,013

Other creditors

 

18,426

23,085

Director's current account

 

441,862

441,862

 

662,448

647,164

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

869,279

165,583

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

869,279

165,583

Current loans and borrowings

2023
£

2022
£

Bank borrowings

34,401

37,857

11

Related party transactions

 

Tremletts (Skicraft) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

15,500

12,300