TRC (Swindon) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07110466 (England and Wales)

TRC (SWINDON) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2020

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

Mr T M Wait

REGISTERED OFFICE:

Unit A5 Stephenson Road

SWINDON

Wiltshire

SN25 5AX

REGISTERED NUMBER:

07110466 (England and Wales)

ACCOUNTANTS:

Morris Owen

Chartered Accountants

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

FIXED ASSETS

Tangible assets

4

20,683

28,447

CURRENT ASSETS

Stocks

6,000

-

Debtors

5

115,219

75,183

Cash at bank

110,413

42,631

231,632

117,814

CREDITORS

Amounts falling due within one year

6

107,838

87,480

NET CURRENT ASSETS

123,794

30,334

TOTAL ASSETS LESS CURRENT LIABILITIES

144,477

58,781

CREDITORS

Amounts falling due after more than one year

7

(44,483

)

(2,909

)

PROVISIONS FOR LIABILITIES

(50,000

)

(50,000

)

NET ASSETS

49,994

5,872

CAPITAL AND RESERVES

Called up share capital

9

80

80

Capital redemption reserve

20

20

Retained earnings

49,894

5,772

SHAREHOLDERS' FUNDS

49,994

5,872

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16th September 2021 and were signed by:

Mr T M Wait - Director

1.	STATUTORY INFORMATION

TRC (Swindon) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07110466

Registered office: A5 Stephenson Road, Swindon, England, SN25 5AX

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" if Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.

- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

- Determine an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease.

Turnover

Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance.

Turnover from sale of goods is recognised when the significant risks and reward of ownership of the goods have passed to the buyer, usually on dispatch of the goods.

Turnover is measured at the fair value of consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Government grants

During the year, the company became eligible for a bank loan of £50,000, interest on which of £729 has been accounted for under the accruals basis.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

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.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2020

58,750

Additions

4,796

At 31st December 2020

63,546

DEPRECIATION

At 1st January 2020

30,303

Charge for year

12,560

At 31st December 2020

42,863

NET BOOK VALUE

At 31st December 2020

20,683

At 31st December 2019

28,447

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

88,189

48,677

Other debtors

27,030

26,506

115,219

75,183

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

5,517

-

Finance leases (see note 8)

2,909

8,290

Trade creditors

69,053

50,586

Taxation and social security

12,175

16,056

Other creditors

18,184

12,548

107,838

87,480

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

44,483

-

Finance leases (see note 8)

-

2,909

44,483

2,909

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,409

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2020

2019

£

£

Net obligations repayable:

Within one year

2,909

8,290

Between one and five years

-

2,909

2,909

11,199

Non-cancellable

operating leases

2020

2019

£

£

Within one year

30,000

120,000

Between one and five years

-

30,000

30,000

150,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

80

Ordinary

£1

80

80

10.	RELATED PARTY DISCLOSURES

During the year the company received rent of £198,103 (2019: £201,723) from a company under common ownership.