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Registration number: 04552828

Prepared for the registrar

Traffic Group Signals Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2024

 

Traffic Group Signals Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 12

 

Traffic Group Signals Limited

Company Information

Directors

P J Hutchinson

M J Hutchinson

Registered office

White Lion House
Gloucester Road
Staverton
Cheltenham
GL51 0TF

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Traffic Group Signals Limited

(Registration number: 04552828)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

171,060

229,712

Tangible assets

5

2,652,812

1,828,562

Investments

6

80,487

2

 

2,904,359

2,058,276

Current assets

 

Stocks

4,488,719

3,228,830

Debtors

7

2,364,597

2,591,433

Cash at bank and in hand

 

1,327,196

916,315

 

8,180,512

6,736,578

Creditors: Amounts falling due within one year

8

(4,010,116)

(2,185,057)

Net current assets

 

4,170,396

4,551,521

Total assets less current liabilities

 

7,074,755

6,609,797

Provisions

9

(97,180)

(218,476)

Deferred tax liabilities

10

(417,844)

(104,396)

Net assets

 

6,559,731

6,286,925

Capital and reserves

 

Called up share capital

11

1,104,751

1,104,751

Profit and loss account

5,454,980

5,182,174

Total equity

 

6,559,731

6,286,925

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 16 January 2025 and signed on its behalf by:
 


M J Hutchinson
Director

 

Traffic Group Signals Limited

Notes to the Financial Statements for the Year Ended 30 April 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:
White Lion House
Gloucester Road
Staverton
Cheltenham
GL51 0TF

The principal place of business is:
Unit 24
Neptune Business Park
Tewkesbury Road
Cheltenham
GL51 9FB

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is UK £, rounded to the nearest £1, being the functional currency of the primary economic environment in which the company operates.

Name of parent of group
These financial statements are consolidated in the financial statements of The Traffic Group Limited.

The financial statements of The Traffic Group Limited may be obtained from the company's registered office.

Exemption from preparing group accounts

The financial statements contain information about Traffic Group Signals Limited as an individual company and do not contain consolidated financial information as the parent of a group.

The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of The Traffic Group Limited
.

Going concern

The directors have prepared forecast information which covers a period of at least 12 months from the date of approval of these financial statements. After reviewing these forecasts, the directors have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

 

Traffic Group Signals Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management preparing these financial statements.

Key sources of estimation uncertainty

Key sources of estimation uncertainty relate to the provision against stock of £286,904 (2023 - £274,114) and the warranty provision of £97,180 (2023 - £218,476).

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 and after eliminating sales within the company.

Turnover is recognised when its value can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred in relation to the transaction can be measured reliably.

Revenue from the sale of goods is recognised when the risks and rewards of ownership are transferred to the customer.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Traffic Group Signals Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost per annum

Computer software

25% on cost per annum

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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Leasehold improvements

25% on cost per annum

Furniture, fittings and equipment

25% on cost per annum

Motor vehicles

25% on cost per annum

Plant and machinery

20% on cost per annum

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Trade debtors

Trade debtors are amounts due from customers for goods 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 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.

 

Traffic Group Signals Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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 substantially measured at amortised cost using the effective interest method.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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.

 

Traffic Group Signals Limited

Notes to the Financial Statements for the Year Ended 30 April 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 39 (2023 - 40).

 

4

Intangible assets

Goodwill
 £

Computer software
 £

Total
£

Cost

At 1 May 2023

2,688,903

172,103

2,861,006

Additions acquired separately

-

79,142

79,142

At 30 April 2024

2,688,903

251,245

2,940,148

Amortisation

At 1 May 2023

2,571,036

60,258

2,631,294

Amortisation charge

101,029

36,765

137,794

At 30 April 2024

2,672,065

97,023

2,769,088

Carrying amount

At 30 April 2024

16,838

154,222

171,060

At 30 April 2023

117,867

111,845

229,712

Goodwill relates to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition of Pike Signals Limited and Hollco Limited in September 2003 and July 2014 respectively. Pike Signals Limited was hived up into the Company on 30 April 2022 and Hollco Limited hived up on 30 April 2021. The goodwill in respect of Pike Signals Limited is fully amortised whilst the remaining amortisation period for goodwill in respect of Hollco Limited is two months.

 

Traffic Group Signals Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

5

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 May 2023

157,098

723,764

448,245

2,391,156

3,720,263

Additions

-

59,500

335,915

1,269,691

1,665,106

Disposals

-

(9,136)

(18,081)

(100,264)

(127,481)

At 30 April 2024

157,098

774,128

766,079

3,560,583

5,257,888

Depreciation

At 1 May 2023

112,828

457,348

188,764

1,132,761

1,891,701

Charge for the year

27,444

160,360

118,177

484,310

790,291

Eliminated on disposal

-

(61,662)

(15,254)

-

(76,916)

At 30 April 2024

140,272

556,046

291,687

1,617,071

2,605,076

Carrying amount

At 30 April 2024

16,826

218,082

474,392

1,943,512

2,652,812

At 30 April 2023

44,270

266,416

259,481

1,258,395

1,828,562

 

Traffic Group Signals Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

6

Investments

2024
£

2023
£

Investments in subsidiaries

80,487

2

Subsidiaries

£

Cost

At 1 May 2023

2

Additions

682,500

At 30 April 2024

682,502

Provision

At 1 May 2023

-

Provision

602,015

At 30 April 2024

602,015

Carrying amount

At 30 April 2024

80,487

At 30 April 2023

2

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Pike Signals Limited

Units 7, 9 & 11, Phoenix Business
Park, Avenue Road, Aston,
Birmingham, B7 4NU

England & Wales

Ordinary

100%

100%

Safe Lite (UK) Limited

Units 7, 9 & 11, Phoenix Business
Park, Avenue Road, Aston,
Birmingham, B7 4NU

England & Wales

Ordinary

100%

100%

Hollco Limited

1 Hawthorne Court,
Boirton Business Park,
Bourton-On-The-Water,
Cheltenham, GL54 2HQ

England & Wales

Ordinary

100%

100%

Arkon Services Limited

1 Bourton Industrial Park,
Bourton-On-The-Water, Cheltenham,
Gloucestershire, GL54 2HQ

England & Wales

Ordinary

100%

100%

 

Traffic Group Signals Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Lean TM Limited

White Lion House,
Gloucester Road, Staverton,
Cheltenham, GL51 0TF

England & Wales

Ordinary

100%

100%

LTM Design Ltd.

Unit 7 Apex Park, Fraserfields Way, Leighton Buzzard, LU7 3RE

England & Wales

Ordinary

100%

0%

 

7

Debtors

2024
£

2023
£

Trade debtors

1,507,256

1,977,521

Amounts owed by group undertakings

553,312

243,404

Prepayments

247,662

182,470

Other debtors

56,367

118,281

Corporation tax asset

-

69,757

2,364,597

2,591,433

 

8

Creditors

2024
£

2023
£

Due within one year

Trade creditors

901,167

383,850

Amounts due to group undertakings

2,100,564

774,982

Taxation and social security

40,302

181,575

Other creditors

177,384

14,914

Accruals and deferred income

334,071

346,185

Corporation tax liability

31,325

-

Deferred income

425,303

483,551

4,010,116

2,185,057

 

9

Provisions

Warranties
£

At 1 May 2023

218,476

Decrease in existing provisions

(121,296)

At 30 April 2024

97,180

Warranties relate to management's best estimate of the likely committed cash flow in respect of products sold with a warranty.

 

Traffic Group Signals Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

10

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

439,905

Short term timing differences

(22,061)

417,844

2023

Liability
£

Fixed asset timing differences

269,347

Losses and other deductions

(123,831)

Short term timing differences

(41,120)

104,396

 

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,104,751

1,104,751

1,104,751

1,104,751

         
 

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

229,519

168,733

Later than one year and not later than five years

331,734

112,387

561,253

281,120

The amount of non-cancellable operating lease payments recognised as an expense during the year was £168,733 (2023 - £205,152).

 

13

Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements was £93,540 (2023 - £nil) in respect of motor vehicles.

 

Traffic Group Signals Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

14

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is The Traffic Group Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is The Traffic Group Limited. These financial statements are available upon request from the company's registered office.

The directors do not consider there to be an ultimate controlling party.

 

 

15

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 16 January 2025 was Paul Fussell, who signed for and on behalf of Hazlewoods LLP.