Truck Trailer + Bus Components Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02852981 (England and Wales)

TRUCK TRAILER + BUS COMPONENTS

LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

N C Lloyd

S B Weaver

T M Williams

REGISTERED OFFICE:

Units 15 and 16

Heol Mostyn

Village Farm Industrial Estate

Pyle

CF33 6NU

REGISTERED NUMBER:

02852981 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

4

182,534

191,001

CURRENT ASSETS

Stocks

137,644

176,946

Debtors

5

1,170,100

1,169,571

Cash at bank and in hand

63,919

3,213

1,371,663

1,349,730

CREDITORS

Amounts falling due within one year

6

374,106

413,565

NET CURRENT ASSETS

997,557

936,165

TOTAL ASSETS LESS CURRENT LIABILITIES

1,180,091

1,127,166

PROVISIONS FOR LIABILITIES

4,226

5,796

NET ASSETS

1,175,865

1,121,370

CAPITAL AND RESERVES

Called up share capital

384

384

Retained earnings

1,175,481

1,120,986

SHAREHOLDERS' FUNDS

1,175,865

1,121,370

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2022 and were signed on its behalf by:

T M Williams - Director

1.	STATUTORY INFORMATION

Truck Trailer + Bus Components Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of assets

Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.

Provisions and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles - 25% on a reducing balance basis

Plant & machinery - 20% on a reducing balance basis

Computer equipment - 33% on a reducing balance basis

Fixtures and fittings - 15% on a reducing balance basis

No depreciation has been charged in respect of Freehold Land and buildings. The directors are of the opinion that the residual value of the asset is considered to equate to its carrying value of £157,130.

Government grants

Grants are credited to deferred revenue when entitlement to the grant has been established. Grants towards capital expenditure are then released to the income statement over the useful life of the assets. Grants towards revenue expenditure are released to the income statement as the related expenditure is incurred.

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

Basic financial assets, which include trade and other debtors, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Taxation

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

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.

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.

Going concern

In considering the Coronavirus (COVID-19), the directors understand the situation is still evolving and the full impact on the business is unclear. The directors have taken steps to mitigate the risk to the business and although there is uncertainty, the directors are confident that all reasonable measures which can be taken, have been, to safeguard the business, the staff and the customers.

The directors believe that the company is well placed to manage its business risks successfully,despite the current uncertain economic outlook and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 May 2020

and 30 April 2021

157,130

44,387

111,370

312,887

DEPRECIATION

At 1 May 2020

-

43,020

78,866

121,886

Charge for year

-

341

8,126

8,467

At 30 April 2021

-

43,361

86,992

130,353

NET BOOK VALUE

At 30 April 2021

157,130

1,026

24,378

182,534

At 30 April 2020

157,130

1,367

32,504

191,001

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

339,947

353,077

Amounts owed by group undertakings

819,367

810,371

Other debtors

4,663

-

Prepayments

6,123

6,123

1,170,100

1,169,571

Other debtors includes an amount of £2,961 (2020 - £0) which relates to the invoice discounting facility.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other loans

50,000

-

Trade creditors

181,653

172,941

Corporation tax

14,364

10,222

Social security and other taxes

6,999

15,629

VAT

59,044

29,943

Other creditors

2,877

113,460

Directors' current accounts

-

15,000

Accruals and deferred income

59,169

56,370

374,106

413,565

The directors' current account £0 (2020 - £15,000) was interest-free and repaid in the year.

7.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Invoice discounting creditor

-

112,093

The Invoice discounting creditor in the prior year was secured by the following :

A Debenture dated 13 April 2012 in favour of HSBC Bank PLC.

A Fixed Charge on non-vesting debts and Floating Charge dated 24 April 2012 in favour of HSBC Invoice Finance (UK) Ltd.

A Legal Assignment dated 9 May 2012 in favour of HSBC Bank PLC.