TRUCK MOUNTED FORKLIFTS (WALES) LIMITED


Directors	CARTER, Allison
	CARTER, John Thomas


Registered Address	Summit House
	10 Waterside Court
	Newport
	NP20 5NT


Registered Number	09637612 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	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).

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Reducing balance (%)
	Plant and machinery	15
	Vehicles	25
	Office Equipment	25

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

	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 transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

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 transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. 

2.	Average number of employees


		2024		2023
	Average number of employees during the year	2		2

3.	Tangible fixed assets

	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 January 24	72,018	64,763	1,033	137,814
Additions	-	43,301	-	43,301
Disposals	-	(31,805)	-	(31,805)
At 31 December 24	72,018	76,259	1,033	149,310
Depreciation and impairment
At 01 January 24	14,886	54,824	191	69,901
Charge for year	8,570	4,951	126	13,647
On disposals	-	(22,487)	-	(22,487)
At 31 December 24	23,456	37,288	317	61,061
Net book value
At 31 December 24	48,562	38,971	716	88,249
At 31 December 23	57,132	9,939	842	67,913

4.	Stocks

	2024	2023
	£	£
Other stocks	15,000	15,000
Total	15,000	15,000

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	54,864	50,285
Total	54,864	50,285

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	4,575	3,458
Bank borrowings and overdrafts	8	4,078
Taxation and social security	12,823	11,964
Finance lease and HP contracts	15,639	14,398
Accrued liabilities and deferred income	2,510	1,910
Total	35,555	35,808

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Other creditors	47,147	37,651
Total	47,147	37,651

8.	Obligations under finance leases

		2024		2023
		£		£
	Finance lease and HP contracts	47,147		37,651


	The total future minimum lease payments under finance leases and hire purchase contracts are as follows: No later than 1 year £15,369 (2023: £14,398) Later than 1 year and not later than 5 years £47,147 (37,651)

9.	Financial instruments
	Financial assets measured at fair value through profit or loss £92,149 (2023: £101,287). Financial liabilities measured at fair value through profit or loss £69,304 (2023: £57,417).

10.	Directors advances, credits and guarantees
	The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end, the amount outstanding to the director was £8 (2023: £4,078); this amount being included in creditors: amounts falling within one year.

11.	Related party transactions
	The company was under the control of Mr J and Mrs A Carter throughout the current and previous period. Mr J and Mrs A Carter are directors and equal shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102A.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		88,249		67,913
			88,249		67,913
Current assets
Stocks	4	15,000		15,000
Debtors	5	54,864		50,285
Cash at bank and on hand		37,277		41,358
		107,141		106,643
Creditors amounts falling due within one year	6	(35,555)		(35,808)
Net current assets (liabilities)			71,586		70,835
Total assets less current liabilities			159,835		138,748
Creditors amounts falling due after one year	7		(47,147)		(37,651)
Net assets			112,688		101,097
Capital and reserves
Called up share capital			2		2
Profit and loss account			112,686		101,095
Shareholders' funds			112,688		101,097