Traverse Associates Limited Filleted accounts for Companies House (small and micro)

TRAVERSE ASSOCIATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06310554

Traverse Associates Limited

Filleted Unaudited Financial Statements

30 November 2019

Traverse Associates Limited

Statement of Financial Position

30 November 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		19,437	19,298

Current assets

Stocks		13,252	29,728
Debtors	6	213,559	202,831
Cash at bank and in hand		325,313	151,771
		---------	---------
		552,124	384,330

Creditors: amounts falling due within one year	7	152,861		115,314
		---------		---------
Net current assets			399,263	269,016
			---------	---------
Total assets less current liabilities			418,700	288,314

Provisions

Taxation including deferred tax	3,694	3,667
	---------	---------
Net assets	415,006	284,647
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	414,006	283,647
	---------	---------
Shareholders funds	415,006	284,647
	---------	---------

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 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 30 November 2019 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 .

Traverse Associates Limited

Statement of Financial Position (continued)

30 November 2019

These financial statements were approved by the board of directors and authorised for issue on 7 April 2020 , and are signed on behalf of the board by:

Mr JA O'Neill

Director

Company registration number: 06310554

Traverse Associates Limited

Notes to the Financial Statements

Year ended 30 November 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vale House, Aston Lane North, Preston Brook, Runcorn, Cheshire, WA7 3PE.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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:

Bicyle	-	25% reducing balance
Fixture & Fittings	-	25% reducing balance
Equipment	-	25% reducing balance

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2018: 13 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 December 2018	2,736	8,108	37,795	48,639
Additions	–	3,539	4,518	8,057
Disposals	–	( 250)	( 9,421)	( 9,671)
	-------	--------	--------	--------
At 30 November 2019	2,736	11,397	32,892	47,025
	-------	--------	--------	--------
Depreciation
At 1 December 2018	1,118	3,471	24,752	29,341
Charge for the year	406	1,349	3,022	4,777
Disposals	–	( 197)	( 6,333)	( 6,530)
	-------	--------	--------	--------
At 30 November 2019	1,524	4,623	21,441	27,588
	-------	--------	--------	--------
Carrying amount
At 30 November 2019	1,212	6,774	11,451	19,437
	-------	--------	--------	--------
At 30 November 2018	1,618	4,637	13,043	19,298
	-------	--------	--------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	165,993	158,045
Prepayments and accrued income	170	–
Corporation tax repayable	45,956	43,346
Other debtors	1,440	1,440
	---------	---------
	213,559	202,831
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	689	3,061
Accruals and deferred income	72,183	60,220
Social security and other taxes	68,628	44,057
Director loan accounts	525	380
Other creditors	10,836	7,596
	---------	---------
	152,861	115,314
	---------	---------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr JA O'Neill	( 380)	( 145)	( 525)
	----	----	----

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr JA O'Neill	( 2,786)	2,406	( 380)
	-------	-------	----