REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
TALLON INTERNATIONAL LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
TALLON INTERNATIONAL LIMITED |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
TALLON INTERNATIONAL LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
Highdown House |
11 Highdown Road |
Leamington Spa |
Warwickshire |
CV31 1XT |
BANKERS: |
PO Box 24 |
55 Corporation Street |
Coventry |
CV1 1QJ |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
STRATEGIC REPORT |
for the year ended 31 March 2022 |
The directors present their strategic report for the year ended 31 March 2022. |
REVIEW OF BUSINESS |
The aftermath of the of the Coronavirus outbreak caused significant global supply chain disruption. The same disruptions posed significant challenges to the business that required immediate changes to strategy and processes. The board agreed early in the trading year that there would be 3 strategic priorities: |
1. Hold selling prices wherever possible & honour commitments |
2. Keep the flow of product going and maintain >90% availability |
3. Deliver Supply Chain excellence |
Container costs escalated to x9 multipliers and without swift action this would have caused a severe erosion of margin, a need to large selling price increases and would have delivered a significant loss to the business for the trading period. Action was taken to quickly negotiate and secure access to competitive contract rates, and new expertise was brought into the business to help achieve the Supply Chain Excellence objective. New processes were enacted to secure daily container allocation and manage the ongoing challenges with securing HGV inbound deliveries from port. |
The Sales team continued to successfully secure orders, confident in the knowledge all was being done to deliver product on time. On the contrary to what our competition did we also stood firm on our commitment to honour selling prices, and refused to go out with blanket increases to our customers. This was welcomed and recognised by our customer base. |
Although it would have been tempting to pause all new product development the business pushed on with ensuring our ranges and product offering remained fresh. A new and refreshed approach was introduced for promotional calendar planning with our first major success being a robust pre sell on our Easter range, with all stock delivered on time and to quality. |
The Design team continued to be a hot bed of industry leading designs with countless new products introduced with more to come through the pipeline. To further bolster product development we brought in dedicated Seasonal commercial resource to work as a matched pair with the Design team. |
To end the year we then had the busiest Spring Trade Fair in memory where we had the chance to really showcase what we have become and where we intend to go moving forward. |
All of this culminated in us reporting a decrease in turnover to £17,109,617 (2021 - £17,471,454) and have remarkably managed to achieve a gross profit margin of 32.4% (2021 - 31.6%). Current net assets have improved to £5,945,747 (2021 - £5,343,733) and net assets to £6,061,961 (2021 - £5,484,407). |
Although it is disappointing not to hit our sales targets, along with falling short of last year's sales figures, as detailed there are lots of positives that we must take from this last year and rest confident that we are truly setting ourselves up for further success moving forward. The company is doing the right thing by building our strategic roadmap whilst at the same time remaining agile enough to react to the ever changing macro-economic and global supply chain landscape. |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
STRATEGIC REPORT |
for the year ended 31 March 2022 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The global supply chain infrastructure still remains fragile. Container rates remain inflated and access to the same level of contracts enjoyed in FY21/22 are no longer there. This will undoubtedly mean an impact to margins through the next trading year. |
Exposure to exchange rate fluctuations continues to be a threat with wider risks expected due to the ever changing macro-economic outlook. A revised approach to FX management will be required. |
Global raw material costs continue to increase further exacerbated by the Russian conflict in Ukraine. Suppliers continue to signal significant increases that will require careful negotiation and management. |
Domestically all overheads will increase. Energy costs will double from the start of the trading year with further increases then expected later in the year. Haulage and transport costs continue to increase with additional increases expected on all business consumables. |
It also uncertain how the very likely UK recession and cost of living crisis will impact this sector and the business. The Board are confident that because of the value offering Tallon supply we will remain largely unimpacted. |
Despite the economic outlook the Directors are confident that the business resilience demonstrated through 21/22, and the strategic roadmap now in place will serve to protect the business, employees and customers safety. Coupled with the long standing and strong relationships we have with our trading partners the company will continue to grow and prosper. |
ON BEHALF OF THE BOARD: |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
REPORT OF THE DIRECTORS |
for the year ended 31 March 2022 |
The directors present their report with the financial statements of the company for the year ended 31 March 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the wholesaling of stationery and ancillary goods. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
REPORT OF THE DIRECTORS |
for the year ended 31 March 2022 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TALLON INTERNATIONAL LIMITED |
Opinion |
We have audited the financial statements of Tallon International Limited (the 'company') for the year ended 31 March 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TALLON INTERNATIONAL LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments |
for appropriateness; |
- Reviewing minutes of meetings of those charged with governance; and |
- Enquiry of management to identify any instances of non-compliance with laws and regulations |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TALLON INTERNATIONAL LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
Highdown House |
11 Highdown Road |
Leamington Spa |
Warwickshire |
CV31 1XT |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
INCOME STATEMENT |
for the year ended 31 March 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
4,821,463 | 4,636,362 |
712,891 | 813,404 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
725,390 | 868,203 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
OTHER COMPREHENSIVE INCOME |
for the year ended 31 March 2022 |
2022 | 2021 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
BALANCE SHEET |
31 March 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2022 |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Tallon International Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below. |
The directors are aware of the possible impact of COVID-19 and are confident sufficient steps have been taken to mitigate these impacts. Despite there being no short term impact from COVID-19, the directors have expressed their willingness to support the company as necessary. The financial statements have therefore been prepared on the going concern basis. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
The financial statements contain information about Tallon International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Zintello Merchants Limited, C/O Fisher & Partners, Princes Drive Estate, Coventry Road, Kenilworth, Warwickshire, CV8 2FD. |
Critical accounting judgements and key sources of estimation uncertainty |
The significant estimates and assumptions included within these financial statements are set out below: |
Accounting estimates: |
i) Stock provisioning |
When calculating the stock provision management considers the potential resale ability of stock items, at or above cost, when determining the associated provision required. |
Accounting judgements: |
ii) Stock provisioning |
The business model is to buy goods in bulk quantities and sell it to distributors in smaller quantities. The key judgements in the financial statements are: |
a) whether to make a provision or not for stock, given that some goods such as calendars and diaries are time appropriate; and |
b) the level of such a provision, given any potential sale incentives offered to customers for old goods. |
Stock provisions have been made in these financial statements. The amounts and effect are disclosed in the notes below. |
Turnover |
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration. |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to properties | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stock is stated at the lower of cost and net realisable value. Cost is based on the first in, first out principal and comprise the cost of goods and any overheads that have been incurred in bringing the stock to their present location and condition. Net realisable value represents the estimated selling price less expected marketing, selling and distribution costs. A provision is made, where necessary, for obsolete and slow-moving items. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at a standard rate set on an annual basis and considered to be reflective of market conditions. Exchange differences are taken into account in arriving at the operating result. |
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. |
Product development expenditure |
Product development expenditure is charged to the profit and loss account as the expenditure is incurred. The company is continually developing its products by upgrading its existing products, extending its range of current products and creating new products. |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
Operating leases |
Rentals paid under operating leases are charged to the profit and loss account over the life of the lease. |
Financial instruments |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement. |
Open foreign currency contracts are revalued at the period end with the surplus and deficits being recognised in the profit and loss account. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2022 | 2021 |
£ | £ |
United Kingdom |
Europe |
Rest of world | 327,613 | 201,396 |
4. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2022 | 2021 |
Total staff |
2022 | 2021 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
4. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2022 | 2021 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
(Profit)/loss on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Operating leases - plant and machinery |
Operating leases - other |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Zintello Merchants Limited |
loan interest |
Invoice finance charges |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 19% (2021 - 19%). |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Depreciation in excess of capital allowances |
Small variances | (866 | ) | - |
Movement on temporary timing differences | 2,392 | (6,428 | ) |
Total tax charge | 141,392 | 164,807 |
Following Budget announcements, there will be an increase in the main rate of corporation tax to 25% from 1 April 2023. This is not expected to have a significant effect on the current and deferred taxation recognised by the company. |
8. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Interim |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
properties | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 1st Floor, Reuben House, Reuben Street, Dublin 1, D08 Y2Y3 |
Nature of business: |
% |
Class of shares: | holding |
11. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
An impairment loss of £63,529 (2021 - £110,659) was recognised against trade debtors. |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 51,368 | 61,551 |
Amounts owed to parent company | 355,844 | 655,730 |
Amounts owed to subsidiary | 870 | 870 |
Accrued expenses |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | SECURED DEBTS |
The bank holds a debenture including a Fixed charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled share capital, both present and future; and First Floating charge over all assets and undertakings both present and future dated 1 August 2001 for Zintello Merchants Limited and its subsidiary undertakings. |
Since 25 April 2005 the bank lending has also been secured by a fixed charge over the purchased debts and a floating charge over all the remaining assets of the company. |
16. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 18,897 | 15,760 |
Other timing differences | (10,729 | ) | (9,984 | ) |
8,168 | 5,776 |
Deferred |
tax |
£ |
Balance at 1 April 2021 |
Provided during year |
Balance at 31 March 2022 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 5,000 | 5,000 |
TALLON INTERNATIONAL LIMITED (REGISTERED NUMBER: 01153586) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2021 |
Profit for the year |
At 31 March 2022 |
Retained earnings |
Retained earnings represent cumulative retained profits and losses from incorporation. |
19. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme in respect of the directors and staff. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £35,856 (2021 - £41,675). Included within creditors is an amount due to scheme providers totalling £3,845 (2021 - £3,379). |
20. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Zintello Merchants Limited, which is incorporated in England and Wales. Consolidated financial statements are drawn up for the group and are made available to the public via enquiry at the registered office. |
21. | CONTINGENT LIABILITIES |
The company's bankers have given a guarantee to H M Customs & Excise totalling £20,000 in respect of the operation of the company's deferred duty number. |
The directors of the company are not aware of any other contingent liability apart from those outlined as part of the bank security arrangements explained further in the notes to the financial statements. |
22. | RELATED PARTY DISCLOSURES |
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. |
The directors are considered to be key management. Their remuneration is noted above. |
23. | CONTROLLING INTERESTS |
The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company. |