Company Registration No. 08849496 (England and Wales)
TRANSGLOBAL PLANT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
TRANSGLOBAL PLANT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
TRANSGLOBAL PLANT LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TRANSGLOBAL PLANT LIMITED FOR THE YEAR ENDED 31 MARCH 2020
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Transglobal Plant Limited for the year ended 31 March 2020 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Transglobal Plant Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Transglobal Plant Limited
and state those matters that we have agreed to state to the Board of Directors of Transglobal Plant Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Transglobal Plant Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Transglobal Plant Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Transglobal Plant Limited. You consider that Transglobal Plant Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Transglobal Plant Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
1 March 2021
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
TRANSGLOBAL PLANT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,901
13,201
Current assets
Stocks
279,523
327,284
Debtors
4
1,394,341
1,243,480
Cash at bank and in hand
7,080
17,382
1,680,944
1,588,146
Creditors: amounts falling due within one year
5
(1,673,429)
(1,659,220)
Net current assets/(liabilities)
7,515
(71,074)
Total assets less current liabilities
17,416
(57,873)
Creditors: amounts falling due after more than one year
6
(4,139)
(8,880)
Provisions for liabilities
(1,600)
(2,200)
Net assets/(liabilities)
11,677
(68,953)
Capital and reserves
Called up share capital
7
3
3
Profit and loss reserves
11,674
(68,956)
Total equity
11,677
(68,953)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he 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.
TRANSGLOBAL PLANT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
31 March 2020
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 1 March 2021
Mr S A C Dudman
Director
Company Registration No. 08849496
TRANSGLOBAL PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
1
Accounting policies
Company information
Transglobal Plant Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 6, Hanger 3, Rudford Industrial Estate, Ford, Arundel, West Sussex, BN18 0BD.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The company is dependant on the continued financial support of its director and
true
companies under common control
. The director
has
confirmed support for a period of not less than 12 months after the date of signing the financial statements. The financial statements do not include any adjustments that would result if the company was unable to continue as a going concern.
The financial statements have been prepared on a going concern basis. The directors has considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making his assessment. The COVID-19 pandemic and the ensuing economic shutdown has had a significant impact on the company’s operations. In response to the COVID-19 pandemic, the director has performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.
Based on these assessments and having regard to the resources available to the entity, the director has concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.
1.3
Turnover
Turnover is recognised
as the amounts
receivable for goods
or
services provided in the normal course of business
, and
is shown net of VAT
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% per annum diminishing balance
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell
and comprise plant and machinery for sale and temporary hire
.
TRANSGLOBAL PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised
.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
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.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
TRANSGLOBAL PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 6 -
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2019 - 0
).
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2019 and 31 March 2020
27,148
Depreciation and impairment
At 1 April 2019
13,947
Depreciation charged in the year
3,300
At 31 March 2020
17,247
Carrying amount
At 31 March 2020
9,901
At 31 March 2019
13,201
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
46,137
40,684
Other debtors
1,348,204
1,202,796
1,394,341
1,243,480
TRANSGLOBAL PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
65,927
82,284
Taxation and social security
1,715
-
Other creditors
1,605,787
1,576,936
1,673,429
1,659,220
Included above are hire purchase liabilities secured upon the underlying asset of £13,607 (2019 £63,600).
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
4,139
8,880
Included above are hire purchase liabilities secured upon the underlying asset of £4,139 (2019: £8,880).
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
3 Ordinary shares of £1 each
3
3
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
6,000
6,000