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REGISTERED NUMBER: 09629071 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

TULIMUS LIMITED

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 30 September 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


TULIMUS LIMITED

COMPANY INFORMATION
For The Year Ended 30 September 2022







DIRECTOR: J A Stevens





REGISTERED OFFICE: 4 Mount Ephraim Road
Tunbridge Wells
Kent
TN1 1EE





REGISTERED NUMBER: 09629071 (England and Wales)





AUDITORS: Banks & Co
1 Carnegie Road
Newbury
Berkshire
RG14 5DJ

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

GROUP STRATEGIC REPORT
For The Year Ended 30 September 2022

The director presents his strategic report of the company and the group for the year ended 30 September 2022.

REVIEW OF BUSINESS
Group turnover declined from £14.09 million to £13.85 million, due to a slowdown within the construction sector. This also resulted in various other challenges including some exceptional bad debts which was the principal reason for the group's operating losses in the year. Consequently, the management have implemented a number of changes to reduce its credit risk including carrying out more detailed risk assessments, limiting its exposure to single customers in order to create a wider customer base and exercising greater control over the group's debtor book.

The director is confident that these measures will enable the group to return quickly to profitability. In particular, reference should be made to note 23, on page 26 to the financial statements in which some restructuring of the group's activities is explained.

PRINCIPAL RISKS AND UNCERTAINTIES
At a group level the principal risks and uncertainties include:

- Reduced demand for the group's services, particularly if activity within the construction industry continues to slow down
- Rising cost pressures, especially the cost of diesel and inflation in the pricing of new machinery.
- Deteriorating credit quality and increasing customer defaults.

To mitigate these risks the business continues to monitor its investment in its fleet and related debt, closely monitor the credit quality of its debtors and adjust the stock of items in the hire fleet to reflect demand levels.

FUTURE DEVELOPMENTS
The outlook for the construction industry looks mixed as rising interest rates may negatively impact demand for new housing. The business, however, expects to maintain similar levels of turnover by continuing to take market share and diversifying its customer base. The director believes that the business has adequate financial resources to manage the business risks successfully.

KEY PERFORMANCE INDICATORS
The Director continually monitors the effectiveness of the group's operating performance by considering various key performance indicators. The main indicators are revenue, operating profit and EBITDA. Of the KPI's not already mentioned, EBITDA in the period was £2.446 million (2021: £3.199 million)

ON BEHALF OF THE BOARD:





J A Stevens - Director


2 October 2023

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

REPORT OF THE DIRECTOR
For The Year Ended 30 September 2022

The director presents his report with the financial statements of the company and the group for the year ended 30 September 2022.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of hire of plant and machinery.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2022.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
J A Stevens held office during the whole of the period from 1 October 2021 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

AUDITORS
The auditors, Banks & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J A Stevens - Director


2 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TULIMUS LIMITED

Opinion
We have audited the financial statements of Tulimus Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 September 2022 and of the group's loss 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TULIMUS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TULIMUS LIMITED


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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, employment regulation and health and safety regulation. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the director's and management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to posting of manual journals, management bias through judgements and assumptions in significant accounting estimates, and significant one-off or unusual transactions.

Our audit procedures were designed to respond to these identified risks, including non-compliance with laws and regulations that are material to the financial statements. Our audit audit procedures included but were not limited to:


-
Making enquiries of the director and management on whether they had any knowledge of any
actual, suspected or alleged fraud;


-
Discussing with the director and management their policies and procedures for regarding
compliance with laws and regulations;


-
Communicating identified laws and regulations throughout our engagement team and remaining
alert to any indications of non-compliance throughout the audit;


-
Assessing the risks of fraud through management override of controls by performing journal entry
testing and analytical review procedures to identify any unusual or unexpected relationships

The primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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
TULIMUS 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.




Richard Mark Lodge Taylor FCCA (Senior Statutory Auditor)
for and on behalf of Banks & Co
1 Carnegie Road
Newbury
Berkshire
RG14 5DJ

2 October 2023

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

CONSOLIDATED INCOME STATEMENT
For The Year Ended 30 September 2022

2022 2021
Notes £    £   

TURNOVER 13,849,241 14,091,415

Cost of sales 8,194,247 8,217,845
GROSS PROFIT 5,654,994 5,873,570

Administrative expenses 5,947,009 5,454,636
(292,015 ) 418,934

Other operating income 4,500 68,879
OPERATING (LOSS)/PROFIT 5 (287,515 ) 487,813

Gain/loss on revaluation of investment
property

-

(70,000

)
(287,515 ) 417,813

Interest payable and similar expenses 6 209,411 205,567
(LOSS)/PROFIT BEFORE TAXATION (496,926 ) 212,246

Tax on (loss)/profit 7 (60,066 ) 72,366
(LOSS)/PROFIT FOR THE
FINANCIAL YEAR

(436,860

)

139,880
(Loss)/profit attributable to:
Owners of the parent (354,264 ) (2,507 )
Non-controlling interests (82,596 ) 142,387
(436,860 ) 139,880

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
For The Year Ended 30 September 2022

2022 2021
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (436,860 ) 139,880


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(436,860

)

139,880

Total comprehensive income attributable to:
Owners of the parent (354,264 ) (2,507 )
Non-controlling interests (82,596 ) 142,387
(436,860 ) 139,880

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

CONSOLIDATED BALANCE SHEET
30 September 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 399,300 532,399
Tangible assets 10 7,260,085 7,460,105
Investments 11 - -
Investment property 12 295,000 295,000
7,954,385 8,287,504

CURRENT ASSETS
Stocks 13 33,140 39,645
Debtors 14 4,042,166 4,028,722
Cash at bank 418,105 480,493
4,493,411 4,548,860
CREDITORS
Amounts falling due within one year 15 5,830,091 5,043,760
NET CURRENT LIABILITIES (1,336,680 ) (494,900 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,617,705

7,792,604

CREDITORS
Amounts falling due after more than
one year

16

(3,416,483

)

(4,094,456

)

PROVISIONS FOR LIABILITIES 20 (191,213 ) (251,279 )
NET ASSETS 3,010,009 3,446,869

CAPITAL AND RESERVES
Called up share capital 21 2 2
Revaluation reserve 99,345 99,345
Retained earnings 2,781,292 3,135,556
SHAREHOLDERS' FUNDS 2,880,639 3,234,903

NON-CONTROLLING INTERESTS 22 129,370 211,966
TOTAL EQUITY 3,010,009 3,446,869

The financial statements were approved by the director and authorised for issue on 2 October 2023 and were signed by:





J A Stevens - Director


TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

COMPANY BALANCE SHEET
30 September 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 4,214,234 4,214,234
Investment property 12 - -
4,214,234 4,214,234

CURRENT ASSETS
Cash at bank 633 9

CREDITORS
Amounts falling due within one year 15 1,143,809 1,099,315
NET CURRENT LIABILITIES (1,143,176 ) (1,099,306 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,071,058

3,114,928

CREDITORS
Amounts falling due after more than
one year

16

1,603,342

1,722,342
NET ASSETS 1,467,716 1,392,586

CAPITAL AND RESERVES
Called up share capital 21 2 2
Retained earnings 1,467,714 1,392,584
SHAREHOLDERS' FUNDS 1,467,716 1,392,586

Company's profit for the financial year 75,130 195,381

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 2 October 2023 and were signed by:





J A Stevens - Director


TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 September 2022

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   

Balance at 1 October 2020 2 3,138,063 99,345

Changes in equity
Total comprehensive income - (2,507 ) -
Balance at 30 September 2021 2 3,135,556 99,345

Changes in equity
Total comprehensive income - (354,264 ) -
Balance at 30 September 2022 2 2,781,292 99,345
Non-controlling Total
Total interests equity
£    £    £   

Balance at 1 October 2020 3,237,410 69,579 3,306,989

Changes in equity
Total comprehensive income (2,507 ) 142,387 139,880
Balance at 30 September 2021 3,234,903 211,966 3,446,869

Changes in equity
Total comprehensive income (354,264 ) (82,596 ) (436,860 )
Balance at 30 September 2022 2,880,639 129,370 3,010,009

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

COMPANY STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 September 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 October 2020 2 1,197,203 1,197,205

Changes in equity
Total comprehensive income - 195,381 195,381
Balance at 30 September 2021 2 1,392,584 1,392,586

Changes in equity
Total comprehensive income - 75,130 75,130
Balance at 30 September 2022 2 1,467,714 1,467,716

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30 September 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,735,181 2,060,442
Interest paid (53,897 ) (56,722 )
Interest element of hire purchase
payments paid

(155,514

)

(148,845

)
Tax paid (127,064 ) (14,217 )
Net cash from operating activities 2,398,706 1,840,658

Cash flows from investing activities
Purchase of tangible fixed assets (3,079,769 ) (2,562,223 )
Sale of tangible fixed assets 1,056,983 541,436
Net cash from investing activities (2,022,786 ) (2,020,787 )

Cash flows from financing activities
Loan repayments in year (239,158 ) (173,570 )
Capital repayments in year 4,943 (13,130 )
Amount introduced by directors 246,876 117,376
Amount withdrawn by directors (236,376 ) (283,008 )
Net cash from financing activities (223,715 ) (352,332 )

Increase/(decrease) in cash and cash equivalents 152,205 (532,461 )
Cash and cash equivalents at
beginning of year

2

(691,138

)

(158,677

)

Cash and cash equivalents at end
of year

2

(538,933

)

(691,138

)

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30 September 2022

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2022 2021
£    £   
(Loss)/profit before taxation (496,926 ) 212,246
Depreciation charges 2,866,782 2,914,622
Profit on disposal of fixed assets (510,879 ) (299,082 )
Loss on revaluation of fixed assets - 70,000
Finance costs 209,411 205,567
2,068,388 3,103,353
Decrease/(increase) in stocks 6,505 (15,895 )
Increase in trade and other debtors (13,444 ) (1,153,838 )
Increase in trade and other creditors 673,732 126,822
Cash generated from operations 2,735,181 2,060,442

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 418,105 480,493
Bank overdrafts (957,038 ) (1,171,631 )
(538,933 ) (691,138 )
Year ended 30 September 2021
30.9.21 1.10.20
£    £   
Cash and cash equivalents 480,493 317,822
Bank overdrafts (1,171,631 ) (476,499 )
(691,138 ) (158,677 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.21 Cash flow At 30.9.22
£    £    £   
Net cash
Cash at bank 480,493 (62,388 ) 418,105
Bank overdrafts (1,171,631 ) 214,593 (957,038 )
(691,138 ) 152,205 (538,933 )
Debt
Finance leases (2,618,407 ) (4,943 ) (2,623,350 )
Debts falling due within 1 year (240,898 ) - (240,898 )
Debts falling due after 1 year (1,120,845 ) 239,160 (881,685 )
(3,980,150 ) 234,217 (3,745,933 )
Total (4,671,288 ) 386,422 (4,284,866 )

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 30 September 2022

1. STATUTORY INFORMATION

Tulimus Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts included in these financial statements are rounded to the nearest £.

Going concern
The group meets its day-today working capital requirements through its bank facilities and from the support of its director. The current economic conditions create some uncertainty over the level of demand for the group's services. However, with the continuing support of the director, the group's forecasts show that the group should be able to operate within the level of its current facilities.

Although these financial statements currently show net current liabilities of £1,336,680 (2021 - £494,900) the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group, therefore, adopts the going concern basis in preparing its financial statements.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all entities controlled by the company, including through its subsidiaries.

All financial statements are made up to the 30 September 2022.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten 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.

Tangible fixed assets
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.
Freehold property - 2% on cost
Plant and machinery - 20% on cost and at varying rates on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2022

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial
instruments.

Basic financial assets, including trade and other receivables, cash and bank balances and
investments in commercial paper, are initially recognised at transaction price, unless the
arrangement constitutes a financing transaction, where the transaction is measured at the
present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are
assessed for objective evidence of impairment. If an asset is impaired the impairment loss
is the difference between the carrying amount and the present value of the estimated
cash flows discounted at the asset’s original effective interest rate. The impairment loss is
recognised in profit or loss.

Impairment of financial assets
If there is a decrease in the impairment loss arising from an event occurring after the
impairment was recognised, the impairment is reversed. The reversal is such that the
current carrying amount does not exceed what the carrying amount would have been had
the impairment not previously been recognised. The impairment reversal is recognised in
profit or loss.

Derecognition of financial assets
Financial assets are derecognised when (a) the contractual rights to the cash flows from
the asset expire or are settled; or (b) substantially all the risks and rewards of the
ownership of the asset are transferred to another party; or (c) despite having retained
some significant risks and rewards of ownership, control of the asset has been transferred
to another party who has the practical ability to unilaterally sell the asset to an unrelated
third party without imposing additional restrictions.


Financial liabilities
Basic financial liabilities, including trade and other payables, 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
receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest
rate method.

Trade payables are obligations to pay for goods or services that have been acquired in
the ordinary course of business from suppliers. Accounts payable are classified as current
liabilities if payment is due within one year or less. If not, they are presented as noncurrent liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the liability is extinguished, that is when the
contractual obligation is discharged, cancelled or expires.


TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Critical judgements
The following judgements have had the most significant effect on amounts recognised in the financial statements.

Impairment of investments
Investments in subsidiaries are held as fixed assets and shown at cost less provision for impairment. On consolidation the carrying value of investments is eliminated.

The carrying values of fixed asset investments are reviewed for impairment when an event or changes in circumstances indicate the carrying value may not be fully recoverable.

Impairment of goodwill
Goodwill on acquisition of subsidiary undertakings are shown at cost less provision for impairment.

The carrying values of goodwill are reviewed for impairment when an event occurs or changes in circumstances indicate the carrying value may not be fully recoverable.

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2022

4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 2,656,024 2,207,618
Social security costs 276,540 220,565
Other pension costs 139,613 122,487
3,072,177 2,550,670

The average number of employees during the year was as follows:
2022 2021

Operations 43 35
Sales 6 3
Management & administration 25 21
74 59

2022 2021
£    £   
Director's remuneration - -

5. OPERATING (LOSS)/PROFIT

The operating loss (2021 - operating profit) is stated after charging/(crediting):

2022 2021
£    £   
Hire of plant and machinery 456 -
Depreciation - owned assets 1,856,136 1,940,617
Depreciation - assets on hire purchase contracts 877,548 840,907
Profit on disposal of fixed assets (510,879 ) (299,082 )
Goodwill amortisation 133,099 133,099
Auditors' remuneration - parent company 5,300 1,500
Auditors' remuneration for non audit work 13,000 -
Auditors' remuneration - subsidiaries 14,000 11,000
Bad debts 283,254 361,165

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest 53,533 56,722
Corporation tax interest 364 -
Hire purchase 155,514 148,845
209,411 205,567

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2022

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax - 128,647

Deferred tax (60,066 ) (56,281 )
Tax on (loss)/profit (60,066 ) 72,366

Reconciliation of total tax (credit)/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
£    £   
(Loss)/profit before tax (496,926 ) 212,246
(Loss)/profit multiplied by the standard rate of corporation tax in
the UK of 19 % (2021 - 19 %)

(94,416

)

40,327

Effects of:
Expenses not deductible for tax purposes 5,809 3,921
Capital allowances in excess of depreciation (5,062 ) -
Effect on deferred tax for changes in tax rates - (7,632 )
Group relief 5,147 7,121
Depreciation on assets not qualifying for tax allowances 28,629 28,629
Capital gains on sale of plant & machinery (173 ) -
Total tax (credit)/charge (60,066 ) 72,366

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2021
and 30 September 2022 1,330,993
AMORTISATION
At 1 October 2021 798,594
Amortisation for year 133,099
At 30 September 2022 931,693
NET BOOK VALUE
At 30 September 2022 399,300
At 30 September 2021 532,399

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2022

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2021 1,312,000 13,547,341 106,759 1,940,968 16,907,068
Additions - 2,417,535 16,436 645,798 3,079,769
Disposals - (1,103,463 ) - (776,607 ) (1,880,070 )
At 30 September 2022 1,312,000 14,861,413 123,195 1,810,159 18,106,767
DEPRECIATION
At 1 October 2021 52,743 8,472,831 104,701 816,689 9,446,964
Charge for year 17,581 2,404,972 4,455 306,676 2,733,684
Eliminated on disposal - (884,940 ) - (449,026 ) (1,333,966 )
At 30 September 2022 70,324 9,992,863 109,156 674,339 10,846,682
NET BOOK VALUE
At 30 September 2022 1,241,676 4,868,550 14,039 1,135,820 7,260,085
At 30 September 2021 1,259,257 5,074,510 2,058 1,124,279 7,460,104

Included in cost or valuation of land and buildings is freehold land of £432,960 (2021 - £432,960) which is not depreciated.

Cost or valuation at 30 September 2022 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2015 (46,175 ) - - - (46,175 )
Valuation in 2018 76,000 - - - 76,000
Cost 1,282,175 14,861,413 123,195 1,810,159 18,076,942
1,312,000 14,861,413 123,195 1,810,159 18,106,767

If Freehold Land and Buildings had not been revalued they would have been included at the following historical cost:

2022 2021
£    £   
Cost 1,282,175 1,282,175
Aggregate depreciation 189,979 189,979

Value of land in freehold land and buildings 661,000 661,000

Freehold Land and Buildings were valued on an open market basis on 30 September 2020 by the Director .

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2022

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 October 2021 3,215,754 1,374,903 4,590,657
Additions 1,534,180 429,110 1,963,290
Disposals (71,040 ) (502,902 ) (573,942 )
Transfer to ownership (700,459 ) (174,217 ) (874,676 )
At 30 September 2022 3,978,435 1,126,894 5,105,329
DEPRECIATION
At 1 October 2021 1,059,008 498,897 1,557,905
Charge for year 688,825 188,723 877,548
Eliminated on disposal (24,193 ) (230,484 ) (254,677 )
Transfer to ownership (374,357 ) (97,710 ) (472,067 )
At 30 September 2022 1,349,283 359,426 1,708,709
NET BOOK VALUE
At 30 September 2022 2,629,152 767,468 3,396,620
At 30 September 2021 2,156,746 876,006 3,032,752

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2021
and 30 September 2022 4,214,234
NET BOOK VALUE
At 30 September 2022 4,214,234
At 30 September 2021 4,214,234

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Contractors/Plant Hire (Reading) Limited
Registered office: Skates Lane, Pamber Green, Tadley, Hampshire, RG26 3AB
Nature of business: Hire of plant and machinery
%
Class of shares: holding
Ordinary 100.00

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2022

11. FIXED ASSET INVESTMENTS - continued

The Tool Hire Centre Limited
Registered office: Skate Farm, Skate Lane, Pamber Green, Tadley, Hampshire, RG26 3AB
Nature of business: Hire of plant and machinery
%
Class of shares: holding
Ordinary 75.00

X-Hire Limited
Registered office: Skates Farm, Skates Lane, Pamber Green, Tadley, Hampshire, RG26 3AB
Nature of business: Hire of plant and machinery
%
Class of shares: holding
Ordinary 100.00


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 October 2021
and 30 September 2022 295,000
NET BOOK VALUE
At 30 September 2022 295,000
At 30 September 2021 295,000

Fair value at 30 September 2022 is represented by:
£   
Valuation in 2020 146,956
Valuation in 2021 (70,000 )
Cost 218,044
295,000

The property was professionally valued on 19 July 2021 by an independent valuer on the basis of full and vacant possession and that the property is unlet.

13. STOCKS

Group
2022 2021
£    £   
Stocks 33,140 39,645

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2022 2021
£    £   
Trade debtors 3,817,600 3,917,739
Other debtors 158,412 68,086
Prepayments and accrued income 66,154 42,897
4,042,166 4,028,722

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2022

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans and overdrafts (see note 17)
1,197,936

1,412,529

-

-
Hire purchase contracts (see note 18) 1,691,895 1,367,138 - -
Trade creditors 2,036,119 1,566,417 - -
Amounts owed to group undertakings - - 1,124,879 1,092,115
Tax 3,221 130,285 - -
Social security and other taxes 80,107 69,249 - -
VAT 344,519 268,152 - -
Other creditors 143,209 66,445 - -
Directors' current accounts 246,876 117,376 - -
Accrued expenses 86,209 46,169 18,930 7,200
5,830,091 5,043,760 1,143,809 1,099,315

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans (see note 17) 881,685 1,120,845 - -
Hire purchase contracts (see note 18) 931,455 1,251,269 - -
Amounts owed to group undertakings 1 - - -
Directors' loan accounts 1,603,342 1,722,342 1,603,342 1,722,342
3,416,483 4,094,456 1,603,342 1,722,342

17. LOANS

An analysis of the maturity of loans is given below:

Group
2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 957,038 1,171,631
Bank loans 63,120 63,120
CBIL 177,778 177,778
1,197,936 1,412,529
Amounts falling due between one and two years:
Bank loans 570,574 -
CBIL 311,111 -
881,685 -
Amounts falling due between two and five years:
Bank loans - 631,956
CBIL - 488,889
- 1,120,845

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2022

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 1,691,895 1,367,138
Between one and five years 931,455 1,251,269
2,623,350 2,618,407

Group
Non-cancellable operating leases
2022 2021
£    £   
Within one year 202,367 250,361
Between one and five years 117,500 294,334
319,867 544,695

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2022 2021
£    £   
Bank overdrafts 957,038 1,171,631
Bank loans 1,122,583 1,361,743
Hire purchase contracts 2,623,350 2,618,407
4,702,971 5,151,781

The group's borrowing facilities are secured by a fixed and floating charge over the current and future assets of the business together with a legal charge over the freehold property.

Hire purchase contracts are individually secured against the assets to which they relate.

20. PROVISIONS FOR LIABILITIES

Group
2022 2021
£    £   
Deferred tax 191,213 251,279

Group
Deferred
tax
£   
Balance at 1 October 2021 251,279
Credit to Income Statement during year (60,066 )
Balance at 30 September 2022 191,213

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2022

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
2 2

There are two classes of shares. Both have full rights in respect of voting and entitlement to full participation in respect of equity.

22. NON-CONTROLLING INTERESTS

The movements in non-controlling interests was as follows:

2021 2021
£ £

Balance as at 1 October 211,966 69,579

Total comprehensive income attributable to non-controlling interests (82,596 ) 142,387

Balance as at 30 September 129,370 211,966

23. POST BALANCE SHEET EVENTS

The last few years have proved to be very challenging trading years, especially within the construction industry.There has been increased competitiveness within the market leading to lower margins which, in turn, has resulted in an unacceptable level of customer defaults.

However, demand for plant and equipment has continued to increase thus providing the group with significant value in its fleet. Consequently, in February 2023, the group sought to realise this value within one of its subsidiaries, Contractors/Plant Hire(Reading) Limited, and announced that it would seek to close its plant hire business. Since then, it has initiated a programme of equipment and vehicle disposals which, to date, has enabled it to realise over £8 million.

On 8 August 2023, the group completed the purchase of the business and assets of Aspire Platform Limited and LTS Powered Access Limited, previously in administration, which operated a number of plant hire sites in both the North and South of England. The total net consideration was approximately £160,000 which was all paid in cash.