Company No:
Contents
| DIRECTOR | M T Miller |
| REGISTERED OFFICE | Unit 4 |
| Kingstons Industrial Estate | |
| Eastern Road | |
| Aldershot | |
| Hampshire | |
| GU12 4YA | |
| United Kingdom |
| COMPANY NUMBER | 01595729 (England and Wales) |
| ACCOUNTANT | Shaw Gibbs Limited |
| Wey Court West | |
| Union Road | |
| Farnham | |
| Surrey | |
| GU9 7PT |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 3,043 | 6,848 | |||
| Current assets | ||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand | 6 |
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| 142,404 | 243,088 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current liabilities | (109,009) | (29,903) | ||
| Total assets less current liabilities | (105,966) | (23,055) | ||
| Creditors: amounts falling due after more than one year | 8 | (
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| Provision for liabilities | 9 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of FRM Truck & Trailer Spares Limited (registered number:
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M T Miller
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
FRM Truck & Trailer Spares Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4, Kingstons Industrial Estate, Eastern Road, Aldershot, Hampshire, GU12 4YA,, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
At the balance sheet date the company has net liabilities of £113,606 (2023 - £43,165). The director is confident that sufficient financing is in place for the company to continue to trade for the foreseeable future. The director will continue to support the company should any financial obligations arise in the foreseeable future.
Defined contribution schemes
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.
| Land and buildings | depreciated over the life of the lease |
| Plant and machinery |
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| Vehicles |
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| Fixtures and fittings |
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| Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Rentals paid under operating leases are charged to profit or loss on a straight-line bases over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Computer equipment | Total | ||||||
| £ | £ | £ | £ | £ | £ | ||||||
| Cost | |||||||||||
| At 01 November 2023 |
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| Disposals |
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| At 31 October 2024 |
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| Accumulated depreciation | |||||||||||
| At 01 November 2023 |
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| Charge for the financial year |
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| Disposals |
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| At 31 October 2024 |
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| Net book value | |||||||||||
| At 31 October 2024 | 0 | 31 | 1,248 | 750 | 1,014 | 3,043 | |||||
| At 31 October 2023 | 0 | 36 | 4,333 | 966 | 1,513 | 6,848 | |||||
| Leased assets included above: | |||||||||||
| Net book value | |||||||||||
| At 31 October 2024 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| At 31 October 2023 | 0 | 0 | 2,668 | 0 | 0 | 2,668 |
| 2024 | 2023 | ||
| £ | £ | ||
| Finished goods |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| VAT recoverable |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| Less: Bank overdrafts | (
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| (49,469) | (84,500) |
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans and overdrafts |
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| Trade creditors |
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| Other loans |
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| Accruals |
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| Other taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year | (
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| Credited/(charged) to the Statement of Income and Retained Earnings |
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| At the end of financial year | (
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The deferred taxation balance is made up as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Accelerated capital allowances | (
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| Other timing differences |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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Pensions
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and to individuals' pension schemes amounted to £445 (2023 - £356).
Employee and employers contributions totalling £242 (2023 - £139) were payable to the fund at the reporting date and are included in creditors.