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COMPANY REGISTRATION NUMBER: 03467582
Transport Investigations Limited
Filleted Unaudited Financial Statements
30 April 2024
Transport Investigations Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Transport Investigations Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
4,758
5,905
Investments
6
2
2
-------
-------
4,760
5,907
Current assets
Debtors
7
649,440
854,014
Cash at bank and in hand
272,079
125,163
---------
---------
921,519
979,177
Creditors: amounts falling due within one year
8
568,282
474,985
---------
---------
Net current assets
353,237
504,192
---------
---------
Total assets less current liabilities
357,997
510,099
Provisions
Taxation including deferred tax
( 147,668)
( 115,809)
---------
---------
Net assets
505,665
625,908
---------
---------
Capital and reserves
Called up share capital
34,000
34,000
Capital redemption reserve
1,000
1,000
Profit and loss account
470,665
590,908
---------
---------
Shareholders funds
505,665
625,908
---------
---------
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 year ending 30 April 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 year 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 .
Transport Investigations Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 27 January 2025 , and are signed on behalf of the board by:
Mr R W Malins
Mrs L L Panteli
Director
Director
Company registration number: 03467582
Transport Investigations Limited
Notes to the Financial Statements
Year ended 30 April 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 Unit 65 The Oaks, Manston Business Park, Ramsgate, Kent, CT12 5FD, United Kingdom.
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.
Going concern
The directors have considered the basis of the preparation of the accounts and are satisfied that the accounts should be prepared on a going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Motor Vehicles
-
33% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 180 (2023: 171 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 May 2023
28,591
28,591
Additions
3,339
3,339
--------
--------
At 30 April 2024
31,930
31,930
--------
--------
Depreciation
At 1 May 2023
22,686
22,686
Charge for the year
4,486
4,486
--------
--------
At 30 April 2024
27,172
27,172
--------
--------
Carrying amount
At 30 April 2024
4,758
4,758
--------
--------
At 30 April 2023
5,905
5,905
--------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
2
----
Provision
At 1 May 2023 and 30 April 2024
----
Carrying amount
At 30 April 2024
2
----
At 30 April 2023
2
----
The company owns a 100% shareholding of The Bike Shed (Kent) Ltd.
7. Debtors
2024
2023
£
£
Trade debtors
289,112
313,952
Amounts owed by group undertakings and undertakings in which the company has a participating interest
272,009
217,763
Other debtors
88,319
322,299
---------
---------
649,440
854,014
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
49,606
21,515
Social security and other taxes
282,346
406,791
Other creditors
236,330
46,679
---------
---------
568,282
474,985
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
12,000
12,000
Later than 1 year and not later than 5 years
25,000
37,000
--------
--------
37,000
49,000
--------
--------
10. Related party transactions
At the year end, the company was owed £272,009 (2023: £217,763) by a group company.