Tranquil Assets Limited 06554912 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is the sale of clothing Digita Accounts Production Advanced 6.30.9574.0 true 06554912 2023-05-01 2024-04-30 06554912 2024-04-30 06554912 core:CurrentFinancialInstruments 2024-04-30 06554912 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 06554912 core:FurnitureFittingsToolsEquipment 2024-04-30 06554912 core:OtherPropertyPlantEquipment 2024-04-30 06554912 bus:SmallEntities 2023-05-01 2024-04-30 06554912 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 06554912 bus:FilletedAccounts 2023-05-01 2024-04-30 06554912 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 06554912 bus:RegisteredOffice 2023-05-01 2024-04-30 06554912 bus:CompanySecretaryDirector1 2023-05-01 2024-04-30 06554912 bus:Director2 2023-05-01 2024-04-30 06554912 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06554912 core:ComputerEquipment 2023-05-01 2024-04-30 06554912 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 06554912 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 06554912 core:PlantMachinery 2023-05-01 2024-04-30 06554912 countries:EnglandWales 2023-05-01 2024-04-30 06554912 2023-04-30 06554912 core:FurnitureFittingsToolsEquipment 2023-04-30 06554912 core:OtherPropertyPlantEquipment 2023-04-30 06554912 2022-05-01 2023-04-30 06554912 2023-04-30 06554912 core:CurrentFinancialInstruments 2023-04-30 06554912 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 06554912 core:FurnitureFittingsToolsEquipment 2023-04-30 06554912 core:OtherPropertyPlantEquipment 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 06554912

Tranquil Assets Limited

trading as Waterail clothing store

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Tranquil Assets Limited

trading as Waterail clothing store

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 8

 

Tranquil Assets Limited

trading as Waterail clothing store

Company Information

Directors

Mrs S K Murfin

Mr S Murfin

Company secretary

Mrs S K Murfin

Registered office

The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Tranquil Assets Limited

trading as Waterail clothing store

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mrs S K Murfin - Company secretary and director

Mr S Murfin

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
Mrs S K Murfin
Company secretary and director

 

Tranquil Assets Limited

trading as Waterail clothing store

(Registration number: 06554912)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

769

569

Current assets

 

Stocks

24,600

42,500

Debtors

5

4,613

4,963

Cash at bank and in hand

 

18,376

18,046

 

47,589

65,509

Creditors: Amounts falling due within one year

6

(26,939)

(41,252)

Net current assets

 

20,650

24,257

Total assets less current liabilities

 

21,419

24,826

Provisions for liabilities

(146)

(108)

Net assets

 

21,273

24,718

Capital and reserves

 

Called up share capital

100

100

Retained earnings

21,173

24,618

Shareholders' funds

 

21,273

24,718

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

 

Tranquil Assets Limited

trading as Waterail clothing store

(Registration number: 06554912)
Balance Sheet as at 30 April 2024 (continued)

.........................................
Mrs S K Murfin
Company secretary and director

   
     
 

Tranquil Assets Limited

trading as Waterail clothing store

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 registration number: 06554912.

The address of its registered office is:
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

These financial statements were authorised for issue by the Board on 27 January 2025.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Tranquil Assets Limited

trading as Waterail clothing store

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance basis

Computer equipment

33% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Tranquil Assets Limited

trading as Waterail clothing store

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Computer equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

622

1,696

2,318

Additions

430

-

430

Disposals

(357)

-

(357)

At 30 April 2024

695

1,696

2,391

Depreciation

At 1 May 2023

622

1,127

1,749

Charge for the year

143

86

229

Eliminated on disposal

(356)

-

(356)

At 30 April 2024

409

1,213

1,622

Carrying amount

At 30 April 2024

286

483

769

At 30 April 2023

-

569

569

5

Debtors

Current

2024
£

2023
£

Prepayments

4,613

4,963

 

4,613

4,963

 

Tranquil Assets Limited

trading as Waterail clothing store

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

13,902

27,924

Taxation and social security

9,419

5,657

Accruals and deferred income

3,465

3,639

Other creditors

153

4,032

26,939

41,252

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £26,000 (2023 - £26,000).