10 false false false false false false false false false false true false false false false true true No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 50,000 50,000 50,000 xbrli:pure xbrli:shares iso4217:GBP 2574681 2023-06-01 2024-05-31 2574681 2024-05-31 2574681 2023-05-31 2574681 2022-06-01 2023-05-31 2574681 2023-05-31 2574681 2022-05-31 2574681 core:PlantMachinery 2023-06-01 2024-05-31 2574681 core:FurnitureFittings 2023-06-01 2024-05-31 2574681 core:MotorVehicles 2023-06-01 2024-05-31 2574681 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 2574681 bus:Director3 2023-06-01 2024-05-31 2574681 core:WithinOneYear 2024-05-31 2574681 core:WithinOneYear 2023-05-31 2574681 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 2574681 core:PlantMachinery 2023-05-31 2574681 core:FurnitureFittings 2023-05-31 2574681 core:MotorVehicles 2023-05-31 2574681 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 2574681 core:PlantMachinery 2024-05-31 2574681 core:FurnitureFittings 2024-05-31 2574681 core:MotorVehicles 2024-05-31 2574681 core:NetGoodwill 2023-06-01 2024-05-31 2574681 core:AfterOneYear 2024-05-31 2574681 core:AfterOneYear 2023-05-31 2574681 core:UKTax 2023-06-01 2024-05-31 2574681 core:UKTax 2022-06-01 2023-05-31 2574681 core:ShareCapital 2024-05-31 2574681 core:ShareCapital 2023-05-31 2574681 core:RetainedEarningsAccumulatedLosses 2024-05-31 2574681 core:RetainedEarningsAccumulatedLosses 2023-05-31 2574681 core:NetGoodwill 2024-05-31 2574681 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 2574681 core:PlantMachinery 2023-05-31 2574681 core:FurnitureFittings 2023-05-31 2574681 core:MotorVehicles 2023-05-31 2574681 bus:SmallEntities 2023-06-01 2024-05-31 2574681 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 2574681 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 2574681 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 2574681 bus:FullAccounts 2023-06-01 2024-05-31 2574681 bus:OrdinaryShareClass1 2024-05-31 2574681 bus:OrdinaryShareClass1 2023-05-31 2574681 bus:Director1 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 2574681
Transtec Garage Equipment Services Limited
Filleted Unaudited Financial Statements
31 May 2024
Transtec Garage Equipment Services Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
6
50,000
Tangible assets
7
220,241
221,173
---------
---------
270,241
221,173
Current assets
Debtors
8
134,821
103,111
Cash at bank and in hand
208,211
291,929
---------
---------
343,032
395,040
Creditors: amounts falling due within one year
9
154,019
199,169
---------
---------
Net current assets
189,013
195,871
---------
---------
Total assets less current liabilities
459,254
417,044
Creditors: amounts falling due after more than one year
10
206,414
43,657
---------
---------
Net assets
252,840
373,387
---------
---------
Capital and reserves
Called up share capital
11
32,914
32,914
Profit and loss account
219,926
340,473
---------
---------
Shareholders funds
252,840
373,387
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 May 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 .
Transtec Garage Equipment Services Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 7 February 2025 , and are signed on behalf of the board by:
Miss A M Westoby
Director
Company registration number: 2574681
Transtec Garage Equipment Services Limited
Notes to the Financial Statements
Year ended 31 May 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 23 Jenny Brough Lane, Hessle, East Yorkshire, HU13 0JX.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less, or to receive more tax.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
22,665
33,894
--------
--------
Tax on profit
22,665
33,894
--------
--------
6. Intangible assets
Goodwill
£
Cost
Additions
50,000
--------
At 31 May 2024
50,000
--------
Amortisation
At 1 June 2023 and 31 May 2024
--------
Carrying amount
At 31 May 2024
50,000
--------
At 31 May 2023
--------
7. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
163,397
89,996
39,332
95,083
387,808
Additions
27,900
27,900
Disposals
( 26,444)
( 26,444)
---------
--------
--------
--------
---------
At 31 May 2024
163,397
89,996
39,332
96,539
389,264
---------
--------
--------
--------
---------
Depreciation
At 1 June 2023
78,228
30,910
57,497
166,635
Charge for the year
2,939
2,096
13,890
18,925
Disposals
( 16,537)
( 16,537)
---------
--------
--------
--------
---------
At 31 May 2024
81,167
33,006
54,850
169,023
---------
--------
--------
--------
---------
Carrying amount
At 31 May 2024
163,397
8,829
6,326
41,689
220,241
---------
--------
--------
--------
---------
At 31 May 2023
163,397
11,768
8,422
37,586
221,173
---------
--------
--------
--------
---------
8. Debtors
2024
2023
£
£
Trade debtors
134,821
103,111
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,599
9,837
Trade creditors
74,000
106,235
Accruals and deferred income
3,000
2,250
Corporation tax
22,665
33,894
Social security and other taxes
26,340
32,932
Obligations under finance leases and hire purchase contracts
4,487
Director loan accounts
928
521
Other loans
13,000
13,500
---------
---------
154,019
199,169
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
35,013
43,657
Obligations under finance leases and hire purchase contracts
10,401
Other loans
161,000
---------
--------
206,414
43,657
---------
--------
The bank borrowing facilities are secured by a fixed and floating charge over the assets of the company.
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
32,914
32,914
32,914
32,914
--------
--------
--------
--------
12. Directors' advances, credits and guarantees
During the year there were no directors' advances, credits and guarantees.