Trailparts Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12084357 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Trailparts Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

59,446

446,317

Tangible assets

5

206,926

92,401

266,372

538,718

CURRENT ASSETS

Stocks

690,094

622,664

Debtors

6

1,277,246

1,198,968

Cash at bank and in hand

1,048,793

1,033,601

3,016,133

2,855,233

CREDITORS

Amounts falling due within one year

7

(1,837,837

)

(1,649,874

)

NET CURRENT ASSETS

1,178,296

1,205,359

TOTAL ASSETS LESS CURRENT LIABILITIES

1,444,668

1,744,077

CREDITORS

Amounts falling due after more than one year

8

(22,816

)

(588,120

)

PROVISIONS FOR LIABILITIES

(31,340

)

(8,203

)

NET ASSETS

1,390,512

1,147,754

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,390,412

1,147,654

1,390,512

1,147,754

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 29 August 2023 and were signed on its behalf by:

Mr M Barnes - Director

1.	STATUTORY INFORMATION

Trailparts Ltd is a private company, limited by shares, domiciled in England, registration number 12084357. The registered office is 12 Greycaine Road, Watford, England, WD24 7GG.

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.

Turnover

Turnover represents net invoiced sales of goods in respect of trailer and site cabin parts and spares, excluding value added tax. Sales are recognised at the point at which the goods are delivered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets and depreciation

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 etc

-

33% on cost, 25% on reducing balance and 20% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2021 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2022

and 31 December 2022

187,750

642,761

830,511

AMORTISATION

At 1 January 2022

90,746

293,448

384,194

Charge for year

37,558

349,313

386,871

At 31 December 2022

128,304

642,761

771,065

NET BOOK VALUE

At 31 December 2022

59,446

-

59,446

At 31 December 2021

97,004

349,313

446,317

The value of the other intangible assets was reviewed by the directors at 31st December 2022 and as it was considered that they had no further value for the company, they were fully amortised in the year.

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

151,937

Additions

162,813

Disposals

(13,148

)

At 31 December 2022

301,602

DEPRECIATION

At 1 January 2022

59,536

Charge for year

43,175

Eliminated on disposal

(8,035

)

At 31 December 2022

94,676

NET BOOK VALUE

At 31 December 2022

206,926

At 31 December 2021

92,401

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2022

43,349

Additions

47,000

At 31 December 2022

90,349

DEPRECIATION

At 1 January 2022

and 31 December 2022

17,129

NET BOOK VALUE

At 31 December 2022

73,220

At 31 December 2021

26,220

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

1,215,525

1,134,807

Other debtors

61,721

64,161

1,277,246

1,198,968

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Hire purchase contracts and finance leases

21,284

12,121

Trade creditors

449,454

432,240

Amounts owed to related parties

598,331

598,331

Taxation and social security

410,150

326,509

Other creditors

358,618

280,673

1,837,837

1,649,874

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

-

48,432

Hire purchase contracts and finance leases

22,816

11,140

Other creditors

-

528,548

22,816

588,120

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Hire purchase contracts and finance leases

44,100

23,261

Balances due in relation to hire purchase are secured against the assets to which they relate.

10.	RELATED PARTY DISCLOSURES

At the year end the company owed £598,331 (2021 - £598,331) to a company with common directors and shareholders.

11.	ULTIMATE PARENT ENTITY

Deer Lake Holdings Ltd is registered in England under registration number 14164456. The registered office is 12 Greycaine Road, Watford, Hertfordshire, WD24 7GP.