Trochilics Limited 31/10/2022 iXBRL

TROCHILICS LIMITED - Company Information

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Company registration number: 02318958

Trochilics Limited

Unaudited filleted financial statements

31 October 2022

Trochilics Limited

Contents

Statement of financial position

Notes to the financial statements

Trochilics Limited

Statement of financial position

31 October 2022

		2022		2021
	Note	£	£	£	£

Current assets
Stocks		319,056		222,119
Debtors	4	173,694		135,333
Cash at bank and in hand		30,460		80,141
		_______		_______
		523,210		437,593
Creditors: amounts falling due
within one year	5	( 55,529)		( 55,777)
		_______		_______
Net current assets			467,681		381,816
			_______		_______
Total assets less current liabilities			467,681		381,816

			_______		_______
Net assets			467,681		381,816
			_______		_______

Capital and reserves
Called up share capital			16,317		16,317
Share premium account			-		1,725,264
Profit and loss account			451,364		( 1,359,765)
			_______		_________
Shareholders funds			467,681		381,816
			_______		_______

For the year ending 31 October 2022 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.

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 24 April 2023 , and are signed on behalf of the board by:

J.L Innocent Howard Innocent

Director Director

Company registration number: 02318958

Trochilics Limited

Notes to the financial statements

Year ended 31 October 2022

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 169 New London Road, Chelmsford, Essex, CM2 0AE.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.

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 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.

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.

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 stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivables and payables. Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

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. Debtors

	2022	2021
	£	£
Trade debtors	149,695	95,247
Other debtors	23,999	40,086
	_______	_______
	173,694	135,333
	_______	_______

5. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	20,387	32,655
Corporation tax	31,875	-
Other creditors	3,267	23,122
	_______	_______
	55,529	55,777
	_______	_______

6. Directors advances, credits and guarantees

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

2022
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	J.L. Innocent	( 1,424)	( 15,526)	17,756	806
	H.F. Innocent	-	-	-	-
		_______	_______	_______	_______
		( 1,424)	( 15,526)	17,756	806
		_______	_______	_______	_______

2021
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	J.L. Innocent	-	( 2,000)	576	( 1,424)
	H.F. Innocent	( 415)	-	415	-
		_______	_______	_______	_______
		( 415)	( 2,000)	991	( 1,424)
		_______	_______	_______	_______

7. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value
	2022	2021
	£	£
Loan to parent undertaking written off in current year	-	613,336
Loan interest received from parent undertaking	-	5,040
	_______	_______

The company has taken advantage of the exemption provided by FRS 102 section 33.1A in connection with its transactions with group undertakings where the subsidiary is wholly owned by the parent.

8. Controlling party

The company is controlled by it's parent undertaking, Precision Balancing Limited, a company also incorporated in the United Kingdom.

9. Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management and the Board of Directors to make estimates and judgments that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates are based on historical experience and various other assumptions that management and the Board believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, significantly impacting the company's earnings and financial position.

Sources of estimation uncertainty

Stock

The Company operates a manual stock inventory system to calculate and record the stock levels based on stock received and sales made/items despatched. A physical count of all stock is carried out each year to highlight any deficiencies in the stock system or any items not fit for sale. At present the stock function has not ported over to a computerised stock management system.

At the year end the board makes an estimate of the recoverability of stock and makes a suitable provision if necessary. Historically no such provision has been necessary.