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COMPANY REGISTRATION NUMBER: 01537538
Transformer Manufacturing Company Limited
Filleted Unaudited Financial Statements
31 March 2024
Transformer Manufacturing Company Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
15,920
22,121
Current assets
Stocks
383,606
399,349
Debtors
6
271,854
263,661
Cash at bank and in hand
47,050
237,466
---------
---------
702,510
900,476
Creditors: amounts falling due within one year
7
246,204
310,543
---------
---------
Net current assets
456,306
589,933
---------
---------
Total assets less current liabilities
472,226
612,054
Creditors: amounts falling due after more than one year
8
4,828
9,253
---------
---------
Net assets
467,398
602,801
---------
---------
Capital and reserves
Called up share capital
58,824
58,824
Profit and loss account
408,574
543,977
---------
---------
Shareholders funds
467,398
602,801
---------
---------
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 31st March 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 .
Transformer Manufacturing Company Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
R Hurrell
Director
Company registration number: 01537538
Transformer Manufacturing Company Limited
Notes to the Financial Statements
Year ended 31st March 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 Riverside House, Unit 3 Riverside Industrial Estate, Mill Lane, Maldon, Essex, CM9 4LD.
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.
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. 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 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.
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.
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
-
15% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
15% straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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 23 (2023: 23 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st April 2023 and 31st March 2024
19,929
21,600
10,813
52,342
--------
--------
--------
--------
Depreciation
At 1st April 2023
16,042
5,400
8,779
30,221
Charge for the year
1,715
4,050
436
6,201
--------
--------
--------
--------
At 31st March 2024
17,757
9,450
9,215
36,422
--------
--------
--------
--------
Carrying amount
At 31st March 2024
2,172
12,150
1,598
15,920
--------
--------
--------
--------
At 31st March 2023
3,887
16,200
2,034
22,121
--------
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
271,854
263,661
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
167,808
225,366
Social security and other taxes
27,717
34,845
Other creditors
50,679
50,332
---------
---------
246,204
310,543
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,828
9,253
-------
-------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
30,000
30,000
--------
--------
10. Related party transactions
Transformer Manufacturing Company Limited is an 80% owned subsidiary of D K Management Company Limited. During the year transactions took place between these companies. As all the transactions between the related parties took place under normal market conditions Transformer Manufacturing Company Limited is exempt from disclosing these in accordance with FRS 102 Section 1A.
11. Controlling party
Transformer Manufacturing Company Limited is an 80% owned subsidiary of DK Management Company Limited, a company incorporated in England and Wales.