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Registration number: 03695967

Tucker Mechanical and Electrical Building Services Ltd

Annual Report and Financial Statements

for the Year Ended 31 January 2023

 

Tucker Mechanical and Electrical Building Services Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11 to 21

 

Tucker Mechanical and Electrical Building Services Ltd

Company Information

Directors

Mr N D Munt

Mr M Snape

Mrs J Snape

Mr J M S Magee

Registered office

Rotterdam Road
Sutton Fields Industrial Estate
Hull
HU7 0XD

Auditors

Cameron, Ferriby & Co
Bridge House
41 Wincolmlee
Kingston upon Hull
East Yorkshire
HU2 8AG

 

Tucker Mechanical and Electrical Building Services Ltd

Strategic Report for the Year Ended 31 January 2023

The directors present their strategic report for the year ended 31 January 2023.

Principal activity

The principal activity of the company is is that of mechanical service contractors and sheet metal manufacturing engineers.

Fair review of the business

The Company continues to provide design, supply and installation services as a mechanical and electrical subcontractor through the UK and continues to maintain good working relationships with all its major suppliers and customers old and new.

Uncertainty over the outcome of the Brexit process and its impact on the UK economy is a major factor negatively impacting market growth, especially in the commercial non-residential sector, whilst the public sector also faces constraints in public spending and uncertainty over the sources of funding for capital projects.

The future prospects for the mechanical and electrical contracting market appears to be heavily dependent on the performance of the non- residential construction industry. The outlook for this sector is for stable or modest growth over the next five years.

However, the Company's order book and pipeline provide the Directors with confidence for the future together with the on-going investment in the skilled workforce to meet the expectations of the customers.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Profit/(Loss) before tax for the financial year

£

309,850

(1,433,910)

Gross Profit

%

9

5

Current ratio

1

2

Asset ratio

1

2

Principal risks and uncertainties

The sector the company operates within remains competitive and Brexit uncertainties continue to have an impact on the construction sector.

Approved and authorised by the Board on 31 May 2023 and signed on its behalf by:
 

.........................................
Mr M Snape
Director

 

Tucker Mechanical and Electrical Building Services Ltd

Directors' Report for the Year Ended 31 January 2023

The directors present their report and the financial statements for the year ended 31 January 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr N D Munt

Mr M Snape

Mrs E Scaife (appointed 21 February 2022 and resigned 19 August 2022)

Mrs J Snape (appointed 21 February 2022)

Mr J M S Magee (appointed 2 September 2022)

Financial instruments

Objectives and policies

The companies principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's working capital.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk
The company operates in a competitive market. Good relationships are maintained with our suppliers and partners to secure competitive prices.

Credit risk
The company manages credit risk by regular reviews of the amount of credit and time limits offered to customers.
The company also regularly monitors the amounts owed by customers to minimise its exposure to bad debts and measures are taken to collectpayments during the time span of the individual projects.

Liquidity risk
The company's liquidity risk is managed by ensuring sufficient funds are available to meet its liabilities as they fall due for payment. The Directors do not consider that liquidity poses a significant risk.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Cameron, Ferriby & Co as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 31 May 2023 and signed on its behalf by:
 

.........................................
Mr M Snape
Director

 

Tucker Mechanical and Electrical Building Services Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Tucker Mechanical and Electrical Building Services Ltd

Independent Auditor's Report to the Members of Tucker Mechanical and Electrical Building Services Ltd

Opinion

We have audited the financial statements of Tucker Mechanical and Electrical Building Services Ltd (the 'company') for the year ended 31 January 2023, which comprise the Profit and Loss Account, 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 January 2023 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 auditor 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Tucker Mechanical and Electrical Building Services Ltd

Independent Auditor's Report to the Members of Tucker Mechanical and Electrical Building Services Ltd

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 4], 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 is 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.

Auditor 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 an auditor’s report 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:

As part of designing our audit:

We obtained an understanding of laws and regulations that affect the company and the industry in which it operates, including the Companies Act 2006, tax legislation, employment legislation, data protection and health and safety legislation.
We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information.
In response to the risk of irregularities and non-compliance with laws and regulations, we enquired with management as to any actual or potential litigations claims, reviewed correspondence with HMRC, relevant regulators and the companies’ legal advisors, and agreed financial statement disclosures to underlying documentation.

We determined materiality and assessed the risks of material misstatement in the financial statements. We looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain.

We gained an understanding of the controls that the directors have in place to prevent and detect fraud and enquired of any instances of fraud that had taken place during the period. In assessing the risk of fraud due to management override of internal controls, we tested the appropriateness of journal entries, performed analytical procedures, and assessed whether judgements made in accounting estimates were indicative of potential bias.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Tucker Mechanical and Electrical Building Services Ltd

Independent Auditor's Report to the Members of Tucker Mechanical and Electrical Building Services Ltd

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 an auditor’s report 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.

......................................
Roger Cameron (Senior Statutory Auditor)
For and on behalf of Cameron, Ferriby & Co, Statutory Auditor

Bridge House
41 Wincolmlee
Kingston upon Hull
East Yorkshire
HU2 8AG

31 May 2023

 

Tucker Mechanical and Electrical Building Services Ltd

Profit and Loss Account for the Year Ended 31 January 2023

Note

2023
£

2022
£

Turnover

3

26,935,180

11,373,386

Cost of sales

 

(24,399,387)

(10,855,346)

Gross profit

 

2,535,793

518,040

Administrative expenses

 

(2,212,609)

(1,946,012)

Operating profit/(loss)

5

323,184

(1,427,972)

Other interest receivable and similar income

6

152

1,013

Interest payable and similar expenses

7

(13,486)

(6,951)

   

(13,334)

(5,938)

Profit/(loss) before tax

 

309,850

(1,433,910)

Tax on profit/(loss)

11

48,727

271,471

Profit/(loss) for the financial year

 

358,577

(1,162,439)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Tucker Mechanical and Electrical Building Services Ltd

(Registration number: 03695967)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

187,688

182,396

 

187,688

182,396

Current assets

 

Stocks

13

285,506

264,408

Debtors

14

9,818,543

4,159,240

Cash at bank and in hand

 

1,194,386

726,810

 

11,298,435

5,150,458

Creditors: Amounts falling due within one year

16

(8,115,387)

(1,989,553)

Net current assets

 

3,183,048

3,160,905

Total assets less current liabilities

 

3,370,736

3,343,301

Creditors: Amounts falling due after more than one year

16

(253,324)

(333,333)

Net assets

 

3,117,412

3,009,968

Capital and reserves

 

Called up share capital

18

200,000

200,000

Profit and loss account

2,917,412

2,809,968

Total equity

 

3,117,412

3,009,968

Approved and authorised by the Board on 31 May 2023 and signed on its behalf by:
 

.........................................
Mr N D Munt
Director

 

Tucker Mechanical and Electrical Building Services Ltd

Statement of Changes in Equity for the Year Ended 31 January 2023

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

200,000

2,809,968

3,009,968

Profit for the year

-

358,577

358,577

Dividends

-

(251,133)

(251,133)

At 31 January 2023

200,000

2,917,412

3,117,412

Share capital
£

Retained earnings
£

Total
£

At 1 February 2021

200,000

4,172,407

4,372,407

Loss for the year

-

(1,162,439)

(1,162,439)

Dividends

-

(200,000)

(200,000)

At 31 January 2022

200,000

2,809,968

3,009,968

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Rotterdam Road
Sutton Fields Industrial Estate
Hull
HU7 0XD

These financial statements were authorised for issue by the Board on 31 May 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The current management information, when compared to the year under review, disclose a significant improvement in the company's trading performance, excellent levels of sales growth and contract enquiries. The Company remains positive, even though the economic outlook is uncertain, and is well placed to manage business risks successfully.

Accordingly, they have reasonable expectations that the Company have adequate resources, liquidity and banking facilities to continue in operational existence for the foreseeable future.

Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

Judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of the estimation means the actual outcomes could differ from those estimates.

The following judgement (apart from those involving estimates) have had the most significant impact on amounts recognised in the financial statements.

The percentage of completion method and the determination of revenues to recognise contract claims and variations are reliant on estimates in particlar regarding future expected costs and revenues. The Company regularly reviews the appropriateness of these assumptions.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Contract revenue includes the initial agreed contract price plus any variations to the contract, claims and incentive payments to the extent that it is probable that they will result in revenue and are capable of being reliably measured.

When the outcome of a construction contract can be estimated reliably, contract revenue and costs are recognised by reference to the stage of completion at the balance sheet date. The stage of completion is assessed by reference to the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs

When the outcome of a construction contract cannot be estimated reliably contract revenue is recognised to the extent of costs incurred which are likely to be recoverable.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short Leasehold

Straight line over life of the lease

Plant and equipment

12.5% and 15% reducing balance

Fixtures, fittings and equipment

20 % reducing balance

Motor vehicles

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

26,935,180

11,373,386

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
£

2022
£

Loss on disposal of Tangible assets

(589)

(1,565)

5

Operating profit/(loss)

Arrived at after charging/(crediting)

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

2023
£

2022
£

Depreciation expense

32,116

36,829

Operating lease expense - plant and machinery

155,309

197,904

Loss on disposal of property, plant and equipment

589

1,565

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

152

291

Other finance income

-

722

152

1,013

7

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

13,486

6,577

Interest on obligations under finance leases and hire purchase contracts

-

341

Interest expense on other finance liabilities

-

33

13,486

6,951

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

2,812,494

2,884,650

Social security costs

316,594

303,372

Pension costs, defined contribution scheme

104,380

105,159

Other employee expense

9,056

18,099

3,242,524

3,311,280

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

29

42

Administration and support

41

38

70

80

9

Directors' remuneration

The directors' remuneration for the year was as follows:

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

2023
£

2022
£

Remuneration

252,804

89,930

Contributions paid to money purchase schemes

20,883

23,684

273,687

113,614

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

5

3

In respect of the highest paid director:

2023
£

2022
£

Remuneration

101,588

-

Company contributions to money purchase pension schemes

4,000

-

10

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

31,210

21,090


 

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

11

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Deferred taxation

Arising from origination and reversal of timing differences

(48,727)

(271,471)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit/(loss) before tax

309,850

(1,433,910)

Corporation tax at standard rate

58,872

(272,443)

Effect of expense not deductible in determining taxable profit (tax loss)

2,756

-

Effect of tax losses

(59,094)

-

Tax (decrease)/increase from effect of capital allowances and depreciation

(2,533)

300

Tax (decrease)/increase from other short-term timing differences

(48,728)

672

Total tax credit

(48,727)

(271,471)

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Deferred tax

294,436

-

294,436

-

2022

Asset
£

Liability
£

Deferred tax

245,709

-

245,709

-

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

12

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

343,858

191,575

110,238

222,999

868,670

Additions

-

7,835

32,040

-

39,875

Disposals

-

-

(13,625)

-

(13,625)

At 31 January 2023

343,858

199,410

128,653

222,999

894,920

Depreciation

At 1 February 2022

321,258

130,056

56,345

178,615

686,274

Charge for the year

5,117

12,737

8,232

6,029

32,115

Eliminated on disposal

-

-

(11,157)

-

(11,157)

At 31 January 2023

326,375

142,793

53,420

184,644

707,232

Carrying amount

At 31 January 2023

17,483

56,617

75,233

38,355

187,688

At 31 January 2022

22,600

61,519

53,893

44,384

182,396

13

Stocks

2023
£

2022
£

Raw materials and consumables

233,379

210,865

Work in progress

52,127

53,543

285,506

264,408

14

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

6,662,770

1,545,256

Amounts owed by related parties

21

2,325,705

2,177,066

Other debtors

 

477,351

147,259

Prepayments

 

58,281

43,950

Deferred tax assets

11

294,436

245,709

   

9,818,543

4,159,240

Details of non-current trade and other debtors

£781,306 (2022 -£59,382) of Trade receivables is classified as non current.

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

15

Cash and cash equivalents

2023
£

2022
£

Cash on hand

1,945

218

Cash at bank

1,174,948

209,157

Short-term deposits

17,493

517,435

1,194,386

726,810

16

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

19

118,255

100,000

Trade creditors

 

4,300,365

960,577

Social security and other taxes

 

121,167

79,486

Other payables

 

131,550

106,428

Accruals

 

56,882

74,438

Gross amount due to customers for contract work

 

3,387,168

668,624

 

8,115,387

1,989,553

Due after one year

 

Loans and borrowings

19

253,324

333,333

17

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 February 2022

(245,709)

(245,709)

Increase (decrease) in existing provisions

(48,727)

(48,727)

At 31 January 2023

(294,436)

(294,436)

18

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200,000

200,000

200,000

200,000

         

19

Loans and borrowings

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

233,333

333,333

Hire purchase contracts

19,991

-

253,324

333,333

2023
£

2022
£

Current loans and borrowings

Bank borrowings

100,000

100,000

Hire purchase contracts

6,664

-

Other borrowings

11,591

-

118,255

100,000

20

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

147,076

186,022

Later than one year and not later than five years

63,541

344,926

210,617

530,948

21

Related party transactions

Transactions with directors

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr N D Munt

1,003.38

13,756.02

(12,950.96)

1,808.44

         

Mr M Snape

68,671.93

8,331.50

(77,003.43)

0.00

         

Mr J M S Magee

0.00

5,230.76

0.00

5,230.76

         

Mrs J Snape

0.00

10,986.00

(3,653.70)

7,332.30

         

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

2022

At 1 February 2021
£

Advances to director
£

Repayments by director
£

At 31 January 2022
£

Mr N D Munt

0.00

1,003.38

0.00

1,003.38

         
       

Mr M Snape

0.00

127,867.19

(59,195.26)

68,671.93

         
       

 

Summary of transactions with parent

Advantage has been taken under FRS102 Section 33.1A of the exemption available to groups of companies not to disclose transactions and balances involving group entities.
 

Summary of transactions with other related parties

At the balance sheet date the company is owed £148,639 from a company which holds a miniority share holding in Neville Tucker (Group) limited, The companies ultimate parent.
 

22

Parent and ultimate parent undertaking

The company's immediate parent is Neville Tucker (Holdings) Limited, incorporated in England.

 The ultimate parent is Neville Tucker (Group) Limited, incorporated in England.