28 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02616455 2023-01-01 2024-03-31 02616455 2024-03-31 02616455 2022-12-31 02616455 2022-01-01 2022-12-31 02616455 2022-12-31 02616455 2021-12-31 02616455 core:PlantMachinery 2023-01-01 2024-03-31 02616455 core:FurnitureFittings 2023-01-01 2024-03-31 02616455 core:MotorVehicles 2023-01-01 2024-03-31 02616455 bus:Director1 2023-01-01 2024-03-31 02616455 core:PlantMachinery 2022-12-31 02616455 core:FurnitureFittings 2022-12-31 02616455 core:MotorVehicles 2022-12-31 02616455 core:PlantMachinery 2024-03-31 02616455 core:FurnitureFittings 2024-03-31 02616455 core:MotorVehicles 2024-03-31 02616455 core:WithinOneYear 2024-03-31 02616455 core:WithinOneYear 2022-12-31 02616455 core:AfterOneYear 2024-03-31 02616455 core:AfterOneYear 2022-12-31 02616455 core:ShareCapital 2024-03-31 02616455 core:ShareCapital 2022-12-31 02616455 core:RetainedEarningsAccumulatedLosses 2024-03-31 02616455 core:RetainedEarningsAccumulatedLosses 2022-12-31 02616455 core:PlantMachinery 2022-12-31 02616455 core:FurnitureFittings 2022-12-31 02616455 core:MotorVehicles 2022-12-31 02616455 bus:SmallEntities 2023-01-01 2024-03-31 02616455 bus:AuditExemptWithAccountantsReport 2023-01-01 2024-03-31 02616455 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2024-03-31 02616455 bus:PrivateLimitedCompanyLtd 2023-01-01 2024-03-31 02616455 bus:FullAccounts 2023-01-01 2024-03-31 02616455 core:ComputerEquipment 2023-01-01 2024-03-31 02616455 core:OfficeEquipment 2022-12-31 02616455 core:OfficeEquipment 2023-01-01 2024-03-31 02616455 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 02616455
F. TROOP AND SON LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 March 2024
F. TROOP AND SON LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
£
FIXED ASSETS
Tangible assets
5
57,855
49,922
CURRENT ASSETS
Stocks
1,212,995
820,394
Debtors
6
90,347
127,803
Cash at bank and in hand
106,586
118,024
-------------
-------------
1,409,928
1,066,221
CREDITORS: amounts falling due within one year
7
1,117,571
806,182
-------------
-------------
NET CURRENT ASSETS
292,357
260,039
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
350,212
309,961
CREDITORS: amounts falling due after more than one year
8
11,053
23,858
----------
----------
NET ASSETS
339,159
286,103
----------
----------
F. TROOP AND SON LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
350,000
350,000
Profit and loss account
( 10,841)
( 63,897)
----------
----------
SHAREHOLDERS FUNDS
339,159
286,103
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
RJ Troop
Director
Company registration number: 02616455
F. TROOP AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JANUARY 2023 TO 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Main Road, Leadenham, Lincolnshire, LN5 0PE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% straight line
Fixtures and Fittings
-
20% straight line
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 28 (2022: 28 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Office Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
297,425
7,256
37,459
31,604
373,744
Additions
18,839
13,665
32,504
----------
-------
---------
---------
----------
At 31 March 2024
316,264
7,256
37,459
45,269
406,248
----------
-------
---------
---------
----------
Depreciation
At 1 January 2023
260,982
5,882
29,163
27,795
323,822
Charge for the period
17,771
737
2,466
3,597
24,571
----------
-------
---------
---------
----------
At 31 March 2024
278,753
6,619
31,629
31,392
348,393
----------
-------
---------
---------
----------
Carrying amount
At 31 March 2024
37,511
637
5,830
13,877
57,855
----------
-------
---------
---------
----------
At 31 December 2022
36,443
1,374
8,296
3,809
49,922
----------
-------
---------
---------
----------
6. Debtors
31 Mar 24
31 Dec 22
£
£
Trade debtors
74,329
92,825
Other debtors
16,018
34,978
---------
----------
90,347
127,803
---------
----------
7. Creditors: amounts falling due within one year
31 Mar 24
31 Dec 22
£
£
Bank loans and overdrafts
10,648
10,648
Trade creditors
936,603
523,234
Amounts owed to group undertakings and undertakings in which the company has a participating interest
94,415
114,636
Social security and other taxes
20,197
86,047
Other creditors
55,708
71,617
-------------
----------
1,117,571
806,182
-------------
----------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2024
2022
£
£
Hire Purchase (Secured on the assets concerned)
9,324
----
-------
8. Creditors: amounts falling due after more than one year
31 Mar 24
31 Dec 22
£
£
Bank loans and overdrafts
11,053
23,419
Other creditors
439
---------
---------
11,053
23,858
---------
---------
The following liabilities disclosed under creditors falling due after one year are secured by the company:
2024
2022
£
£
Hire Purchase (Secured on the assets concerned)
Nil
439
----
----