TPP COMPRESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TPP Compressors Limited is a private company limited by shares, incorporated in England and Wales and domiciled in England. The address of the registered office is Unit 6 Atlantic Street, Broadheath, Altrincham, Cheshire, WA14 5DF.
The financial statements are prepared in Sterling, which is considered to be the functional currency of the company, and are rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
The prior year restatement relates to the correction of a bank account that was closed before the beginning of the prior year.
The effect of this restatement was to decrease cash at bank and in hand bank by £736 and decrease the profit and loss account by £736.
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The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
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