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Registered number: 13912430
Trendsetter Group Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Paul Monaghan Chartered Accountant
ICAEW
18 Hartshill Close
Uxbridge
Middlesex
UB10 9LH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13912430
29 February 2024 28 February 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 21,458 12,267
21,458 12,267
CURRENT ASSETS
Stocks 5 10,255 -
Debtors 6 27,108 5,099
Cash at bank and in hand 8,818 13,124
46,181 18,223
Creditors: Amounts Falling Due Within One Year 7 (33,675 ) (12,726 )
NET CURRENT ASSETS (LIABILITIES) 12,506 5,497
TOTAL ASSETS LESS CURRENT LIABILITIES 33,964 17,764
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,077 ) (2,331 )
NET ASSETS 29,887 15,433
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 29,787 15,333
SHAREHOLDERS' FUNDS 29,887 15,433
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Kirils Grube
Director
17 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Trendsetter Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13912430 . The registered office is Cedar House 2 Vine Ln, Office 2.4, Uxbridge, UB10 0NF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
The turnover shown in the profit and loss account represents the fair value of construction services revenue earned during the period based on work done for and accepted by clients, excluding VAT.
Turnover from the rendering of construction 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 5 years
Motor Vehicles 5 years
Computer Equipment 5 years
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 March 2023 9,403 3,496 12,899
Additions 19,990 - 19,990
Disposals (9,403 ) - (9,403 )
As at 29 February 2024 19,990 3,496 23,486
Depreciation
As at 1 March 2023 602 30 632
Provided during the period 1,300 698 1,998
Disposals (602 ) - (602 )
As at 29 February 2024 1,300 728 2,028
Net Book Value
As at 29 February 2024 18,690 2,768 21,458
As at 1 March 2023 8,801 3,466 12,267
5. Stocks
29 February 2024 28 February 2023
£ £
Stock 10,255 -
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6. Debtors
29 February 2024 28 February 2023
£ £
Due within one year
Trade debtors 23,795 4,999
VAT 3,313 -
Director's loan account - 100
27,108 5,099
7. Creditors: Amounts Falling Due Within One Year
29 February 2024 28 February 2023
£ £
Bank loans and overdrafts 27,599 3,834
Corporation tax 1,700 1,531
Other taxes and social security - 1,837
VAT - 4,890
Other creditors 2,976 (366 )
Accruals and deferred income 1,400 1,000
33,675 12,726
8. Share Capital
29 February 2024 28 February 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Kirils Grube 465 - - - -
The above loan is unsecured, and repayable on demand.
Dividends paid to directors
29 February 2024 28 February 2023
£ £
Mr Kirils Grube - 1,500
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