2023-05-012024-04-302024-04-30false08979191TOTAL TRADES SERVICES 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TOTAL TRADES SERVICES LTD

Registered Number
08979191
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

TOTAL TRADES SERVICES LTD
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

DONNELLY, S
TAYLOR, C

Registered Address

1b Ferries Street
Hull
HU9 1RL

Registered Number

08979191 (England and Wales)
TOTAL TRADES SERVICES LTD
Statement of Financial Position
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3-3,500
Tangible assets4220,070166,119
220,070169,619
Current assets
Debtors5116,15136,931
Cash at bank and on hand10,5729,592
126,72346,523
Creditors amounts falling due within one year6(161,951)(140,689)
Net current assets (liabilities)(35,228)(94,166)
Total assets less current liabilities184,84275,453
Creditors amounts falling due after one year7(65,814)(74,776)
Provisions for liabilities(14,073)-
Net assets104,955677
Capital and reserves
Called up share capital100100
Revaluation reserve36,645-
Profit and loss account68,210577
Shareholders' funds104,955677
The financial statements were approved and authorised for issue by the Board of Directors on 30 December 2024, and are signed on its behalf by:
DONNELLY, S
Director
TAYLOR, C
Director

Registered Company No. 08979191
TOTAL TRADES SERVICES LTD
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less estimated residual value, over their useful life.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Land and buildings2
Plant and machinery20
Vehicles20
Office Equipment20
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year23
3.Intangible assets

Total

£
Cost or valuation
At 01 May 2335,000
At 30 April 2435,000
Amortisation and impairment
At 01 May 2331,500
Charge for year3,500
At 30 April 2435,000
Net book value
At 30 April 24-
At 30 April 233,500
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 May 23199,338
Additions814
Revaluations65,528
At 30 April 24265,680
Depreciation and impairment
At 01 May 2333,219
Charge for year5,190
Revaluation surplus7,201
At 30 April 2445,610
Net book value
At 30 April 24220,070
At 30 April 23166,119
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables13,50120,980
Other debtors-451
Prepayments and accrued income102,65015,500
Total116,15136,931
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables8,54023,564
Bank borrowings and overdrafts13,04812,892
Taxation and social security36,9184,695
Other creditors102,47198,838
Accrued liabilities and deferred income974700
Total161,951140,689
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts65,81474,776
Total65,81474,776
8.Controlling party
The directors are considered to be the controlling party by virtue of their ability to act in concert in respect of the operational and financial policies of the company.
9.Further information regarding the company's financial position
The revaluation reserve of £36,645 are not available for distribution as they are unrealised. Included in retained earnings are £17,998 of profits which are not available for distribution as they are unrealised.
10.Prior period policy changes
These financial statements for the year ended 30 April 2024 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 May 2022. The transition to FRS 102 Section1A small entities has resulted in a small number of changes in accounting policies to those previously used. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below. The financial statements have been prepared under the historical cost convention modified by the revaluation of certain fixed assets.
11.Change in reporting period and impact on comparability
Total Trades Services Limited previously applied FRS 105, revaluation of property, plant and equipment and deferred tax was not recognised. On adoption to FRS 102 Section 1A the opening retained earnings in the comparatives to these financial statements have increased by £23,985 from £676 to £24,661 The revaluation reserve on transition of £23,895 are not available for distribution as they are unrealised. Property, plant and equipment, as previously stated of £169,619 the effect on transition resulted in an increase to £200,918. The deferred tax provision on transition was £7,315 On transition these changes were not taxable.