Tradition Property Services Limited 30/09/2021 iXBRL

Tradition Property Services Limited 30/09/2021 iXBRL

TRADITION PROPERTY SERVICES LTD - Company Information

Print Friendly Version

26 30/09/2021 2021-09-30 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2020-10-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 5565929 2020-10-01 2021-09-30 5565929 2021-09-30 5565929 2020-09-30 5565929 2019-10-01 2020-09-30 5565929 2020-09-30 5565929 core:PlantMachinery 2020-10-01 2021-09-30 5565929 core:FurnitureFittingsToolsEquipment 2020-10-01 2021-09-30 5565929 core:MotorVehicles 2020-10-01 2021-09-30 5565929 bus:Director1 2020-10-01 2021-09-30 5565929 core:PlantMachinery 2020-09-30 5565929 core:FurnitureFittingsToolsEquipment 2020-09-30 5565929 core:MotorVehicles 2020-09-30 5565929 core:PlantMachinery 2021-09-30 5565929 core:FurnitureFittingsToolsEquipment 2021-09-30 5565929 core:WithinOneYear 2021-09-30 5565929 core:WithinOneYear 2020-09-30 5565929 core:ShareCapital 2021-09-30 5565929 core:ShareCapital 2020-09-30 5565929 core:RetainedEarningsAccumulatedLosses 2021-09-30 5565929 core:RetainedEarningsAccumulatedLosses 2020-09-30 5565929 core:FurnitureFittingsToolsEquipment 2020-09-30 5565929 bus:Director1 2020-09-30 5565929 bus:Director1 2021-09-30 5565929 bus:Director1 2019-09-30 5565929 bus:Director1 2020-09-30 5565929 bus:Director1 2019-10-01 2020-09-30 5565929 bus:SmallEntities 2020-10-01 2021-09-30 5565929 bus:AuditExempt-NoAccountantsReport 2020-10-01 2021-09-30 5565929 bus:FullAccounts 2020-10-01 2021-09-30 5565929 bus:SmallCompaniesRegimeForAccounts 2020-10-01 2021-09-30 5565929 bus:PrivateLimitedCompanyLtd 2020-10-01 2021-09-30 5565929 1 2020-10-01 2021-09-30
Company registration number: 5565929
Tradition Property Services Limited
Unaudited filleted financial statements
30 September 2021
Tradition Property Services Limited
Contents
Statement of financial position
Notes to the financial statements
Tradition Property Services Limited
Statement of financial position
30 September 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 462 621
_______ _______
462 621
Current assets
Debtors 6 66,486 98,161
Cash at bank and in hand 39,421 54,072
_______ _______
105,907 152,233
Creditors: amounts falling due
within one year 7 ( 38,317) ( 53,713)
_______ _______
Net current assets 67,590 98,520
_______ _______
Total assets less current liabilities 68,052 99,141
_______ _______
Net assets 68,052 99,141
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 58,052 89,141
_______ _______
Shareholders funds 68,052 99,141
_______ _______
For the year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 12 April 2022 , and are signed on behalf of the board by:
Mr A Regan
Director
Company registration number: 5565929
Tradition Property Services Limited
Notes to the financial statements
Year ended 30 September 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite FF10 Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and 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 - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
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 in finance costs 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 26 (2020: 31 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 October 2020 18,432 12,537 42,147 73,116
Disposals - - ( 42,147) ( 42,147)
_______ _______ _______ _______
At 30 September 2021 18,432 12,537 - 30,969
_______ _______ _______ _______
Depreciation
At 1 October 2020 18,432 11,916 42,147 72,495
Charge for the year - 159 - 159
Disposals - - ( 42,147) ( 42,147)
_______ _______ _______ _______
At 30 September 2021 18,432 12,075 - 30,507
_______ _______ _______ _______
Carrying amount
At 30 September 2021 - 462 - 462
_______ _______ _______ _______
At 30 September 2020 - 621 - 621
_______ _______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 66,486 98,161
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 5,879 9,483
Corporation tax 11,675 16,395
Social security and other taxes 14,790 15,799
Other creditors 5,973 12,036
_______ _______
38,317 53,713
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr A Regan ( 5,803) 5,752 ( 51)
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr A Regan ( 18,527) 12,724 ( 5,803)
_______ _______ _______
9. Controlling party
The company is under the control of A Regan the majority shareholder.