Tradition Property Services Limited 30/09/2023 iXBRL

Tradition Property Services Limited 30/09/2023 iXBRL

TRADITION PROPERTY SERVICES LTD - Company Information

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20 30/09/2023 2023-09-30 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 2022-10-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 5565929 2022-10-01 2023-09-30 5565929 2023-09-30 5565929 2022-09-30 5565929 2021-10-01 2022-09-30 5565929 2022-09-30 5565929 core:PlantMachinery 2022-10-01 2023-09-30 5565929 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 5565929 core:MotorVehicles 2022-10-01 2023-09-30 5565929 bus:Director1 2022-10-01 2023-09-30 5565929 core:PlantMachinery 2022-09-30 5565929 core:FurnitureFittingsToolsEquipment 2022-09-30 5565929 core:PlantMachinery 2023-09-30 5565929 core:FurnitureFittingsToolsEquipment 2023-09-30 5565929 core:WithinOneYear 2023-09-30 5565929 core:WithinOneYear 2022-09-30 5565929 core:ShareCapital 2023-09-30 5565929 core:ShareCapital 2022-09-30 5565929 core:RetainedEarningsAccumulatedLosses 2023-09-30 5565929 core:RetainedEarningsAccumulatedLosses 2022-09-30 5565929 core:FurnitureFittingsToolsEquipment 2022-09-30 5565929 bus:Director1 2022-09-30 5565929 bus:Director1 2023-09-30 5565929 bus:Director1 2021-09-30 5565929 bus:Director1 2022-09-30 5565929 bus:Director1 2021-10-01 2022-09-30 5565929 bus:SmallEntities 2022-10-01 2023-09-30 5565929 bus:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 5565929 bus:FullAccounts 2022-10-01 2023-09-30 5565929 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 5565929 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 5565929 1 2022-10-01 2023-09-30
Company registration number: 5565929
Tradition Property Services Limited
Unaudited filleted financial statements
30 September 2023
Tradition Property Services Limited
Contents
Statement of financial position
Notes to the financial statements
Tradition Property Services Limited
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 144 303
_______ _______
144 303
Current assets
Debtors 6 52,286 57,190
Cash at bank and in hand 23,200 37,460
_______ _______
75,486 94,650
Creditors: amounts falling due
within one year 7 ( 36,015) ( 47,832)
_______ _______
Net current assets 39,471 46,818
_______ _______
Total assets less current liabilities 39,615 47,121
_______ _______
Net assets 39,615 47,121
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 29,615 37,121
_______ _______
Shareholders funds 39,615 47,121
_______ _______
For the year ending 30 September 2023 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 13 June 2024 , 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 2023
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 20 (2022: 21 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 October 2022 and 30 September 2023 18,432 12,537 30,969
_______ _______ _______
Depreciation
At 1 October 2022 18,432 12,234 30,666
Charge for the year - 159 159
_______ _______ _______
At 30 September 2023 18,432 12,393 30,825
_______ _______ _______
Carrying amount
At 30 September 2023 - 144 144
_______ _______ _______
At 30 September 2022 - 303 303
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 52,286 57,190
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 16,756 15,401
Corporation tax 3,640 8,627
Social security and other taxes 11,118 17,122
Other creditors 4,501 6,682
_______ _______
36,015 47,832
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr A Regan ( 151) 109 ( 42)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr A Regan ( 51) ( 100) ( 151)
_______ _______ _______
9. Controlling party
The company is under the control of A Regan the majority shareholder.