Company registration number 00997728 (England and Wales)
TRADE MICRONISING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
TRADE MICRONISING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TRADE MICRONISING LTD (REGISTERED NUMBER: 00997728)
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
3
485,000
970,000
Investments
4
819,519
510,405
1,304,519
1,480,405
Current assets
Debtors
5
2,433
5,635
Cash at bank and in hand
205,563
62,250
207,996
67,885
Creditors: amounts falling due within one year
6
(58,743)
(50,336)
Net current assets
149,253
17,549
Total assets less current liabilities
1,453,772
1,497,954
Provisions for liabilities
(53,944)
(46,066)
Net assets
1,399,828
1,451,888
Capital and reserves
Called up share capital
1,000
1,000
Non-distributable profits reserve
7
287,703
361,264
Distributable profit and loss reserves
1,111,125
1,089,624
Total equity
1,399,828
1,451,888
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TRADE MICRONISING LTD (REGISTERED NUMBER: 00997728)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
Mrs V E Easter
Mr G G Van Mol
Director
Director
TRADE MICRONISING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Trade Micronising Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Star Farm, Three Elm Lane, Tonbridge, Kent, TN11 0BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of value added tax.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TRADE MICRONISING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
2
3
Investment property
2022
£
Fair value
At 1 January 2022
970,000
Disposals
(520,000)
Revaluations
35,000
At 31 December 2022
485,000
Investment property comprises £485,000. The fair value of the investment property has been arrived at on the basis of the directors' best estimate.
TRADE MICRONISING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
819,519
510,405
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2022
510,405
Additions
302,653
Valuation changes
6,461
At 31 December 2022
819,519
Carrying amount
At 31 December 2022
819,519
At 31 December 2021
510,405
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
757
Other debtors
1,676
5,635
2,433
5,635
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
2,775
Taxation and social security
8,285
3,374
Other creditors
50,458
44,187
58,743
50,336
TRADE MICRONISING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
7
Non-distributable profits reserve
2022
2021
£
£
At the beginning of the year
361,264
315,543
Non distributable profits in the year
(73,561)
45,721
At the end of the year
287,703
361,264