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Registered Number: 10129711
England and Wales

 

 

 

TRIBE ASSETS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2023

End date: 30 April 2024
Director Bobby Tribe
Registered Number 10129711
Registered Office 5 Blenheim Court
Peppercorn Close
Peterborough
PE1 2DU
Accountants aa Chartered Accountants
5 Blenheim Court
Peppercorn Close
Peterborough
United Kingdom
PE1 2DU
1
aa Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Tribe Assets Limited for the year ended 30 April 2024. In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tribe Assets Limited for the year ended 30 April 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Tribe Assets Limited, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Tribe Assets Limited and state those matters that we have agreed to state to the Board of Directors of Tribe Assets Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tribe Assets Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Tribe Assets Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Tribe Assets Limited. You consider that Tribe Assets Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Tribe Assets Limited  For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
30 April 2024



....................................................
aa Chartered Accountants
5 Blenheim Court
Peppercorn Close
Peterborough
United Kingdom
PE1 2DU
29 January 2025
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 990,245    879,803 
990,245    879,803 
Current assets      
Debtors: amounts falling due within one year 4 89,914    48,895 
Cash at bank and in hand 12,837   
102,751    48,895 
Creditors: amount falling due within one year 5 (304,304)   (248,942)
Net current assets (201,553)   (200,047)
 
Total assets less current liabilities 788,692    679,756 
Creditors: amount falling due after more than one year 6 (136,578)   (197,828)
Provisions for liabilities 7 (91,618)   (70,640)
Net assets 560,496    411,288 
 

Capital and reserves
     
Called up share capital 8 1,000    1,000 
Profit and loss account 559,496    410,288 
Shareholders' funds 560,496    411,288 
 


For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 29 January 2025 and were signed by:


-------------------------------
Bobby Tribe
Director
3
General Information
Tribe Assets Limited is a private company, limited by shares,registered in England and Wales, registration number 10129711, registration address 5 Blenheim Court, Peppercorn Close, Peterborough, PE1 2DU.
1.

Accounting policies

Significant accounting policies
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)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 0% Straight Line
Plant and Machinery 15% Reducing Balance
Motor Vehicles 20% Reducing Balance
Computer Equipment 33% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 1).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £   £
At 01 May 2023 450,581    485,040    117,300    1,206    1,054,127 
Additions 3,474    236,475        239,949 
Disposals   (44,500)       (44,500)
At 30 April 2024 454,055    677,015    117,300    1,206    1,249,576 
Depreciation
At 01 May 2023   133,085    40,572    667    174,324 
Charge for year   83,726    15,346    180    99,252 
On disposals   (14,245)       (14,245)
At 30 April 2024   202,566    55,918    847    259,331 
Net book values
Closing balance as at 30 April 2024 454,055    474,449    61,382    359    990,245 
Opening balance as at 01 May 2023 450,581    351,955    76,728    539    879,803 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 90,323    48,770 
Prepayments & Accrued Income   125 
Other Debtors (409)  
89,914    48,895 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 40,554    68,658 
Bank Loans & Overdrafts 8,077    10,534 
Corporation Tax   4,607 
PAYE & Social Security 24,271    15,922 
Accrued Expenses   3,000 
Other Creditors   535 
Obligations under HP/Financial Leases 88,544    62,834 
Wages & Salaries Control Account   4,592 
Directors' Current Accounts 252    339 
VAT 142,606    77,921 
304,304    248,942 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 17,494    25,636 
Obligations Under HP/Financial Leases 119,084    72,192 
Other Loans   100,000 
136,578    197,828 
Hire purchase obligations are secured against the assets concerned.
The other loans have been secured against the land, on North of Moor Lane, Kirkby on Bain, owned by the company.


7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 91,618    70,640 
91,618    70,640 

8.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
1,000 Ordinary shares of £1.00 each 1,000    1,000 
1,000    1,000 

4