Company registration number 09336135 (England and Wales)
TFPC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TFPC LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TFPC LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
17,153
24,553
Current assets
Stocks
87,668
108,314
Debtors
6
184,866
247,071
Cash at bank and in hand
166,381
96,404
438,915
451,789
Creditors: amounts falling due within one year
7
(68,484)
(78,755)
Net current assets
370,431
373,034
Total assets less current liabilities
387,584
397,587
Provisions for liabilities
(2,262)
(2,874)
Net assets
385,322
394,713
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
385,222
394,613
Total equity
385,322
394,713

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

TFPC LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
Mr A P Gage
Director
Company Registration No. 09336135
TFPC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

TFPC Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Greenwood House, Greenwood Court, Skyliner Way, Bury St. Edmunds, Suffolk, IP32 7GY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

TFPC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
5 years straight line
Fixtures and fittings
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TFPC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

TFPC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
8
3
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
-
0
(7,630)
Deferred tax
Origination and reversal of timing differences
(612)
2,894
Total tax credit
(612)
(4,736)
TFPC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
10,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
10,000
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
69,209
5,249
74,458
Depreciation and impairment
At 1 April 2022
46,720
3,185
49,905
Depreciation charged in the year
6,773
627
7,400
At 31 March 2023
53,493
3,812
57,305
Carrying amount
At 31 March 2023
15,716
1,437
17,153
At 31 March 2022
22,489
2,064
24,553
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
42,735
65,598
Corporation tax recoverable
29,978
29,978
Other debtors
112,153
151,495
184,866
247,071
TFPC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
28,343
13,574
Taxation and social security
23,554
25,214
Other creditors
(25)
855
Accruals and deferred income
16,612
39,112
68,484
78,755
8
Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,922 (2022 - £4,439). Contributions totalling £Nil (2022 - £356) were payable to the fund at the balance sheet date and are included in creditors.

9
Related party transactions

Included within Other debtors is an amount of £50,000 which represents an interest free loan made to Serenity Leisure Ltd, a company wholly owned by the directors which is registered in England & Wales. This amount is repayable on demand.

Directors' transactions

Included in other debtors is an amount of £62,152 (2022 - £81,818) relating to an overdrawn directors account for Mr A Gage and Mrs V. Gage. Interest has been charged at the HMRC official rate of 2.00% on the overdrawn balance throughout the year amounting to £1,753. This is repayable on demand.

TFPC LTD
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
£
£
£
£
Turnover
Sales of goods
460,645
614,965
Cost of sales
Opening stock of raw materials
108,314
68,006
Raw materials purchases
141,175
300,393
Carriage inwards and import duty
33,634
44,609
Closing stock of raw materials
(87,668)
(108,314)
Wages and salaries
189,331
238,345
(384,786)
(543,039)
Gross profit
16.47%
75,859
11.70%
71,926
Other operating income
Service charge receivable
12,000
12,000
Other Coronavirus funding
-
154
12,000
12,154
Distribution costs
Motor running expenses
1,540
1,063
Advertising
14,242
13,818
(15,782)
(14,881)
Administrative expenses
Subcontract labour
1,020
-
Staff pension costs defined contribution
3,922
4,439
Rent re operating leases
36,000
36,000
Service charge payable
4,774
8,129
Rates
2,515
2,944
Cleaning
1,661
1,675
Power, light and heat
3,750
3,750
Repairs and maintenance
4,410
3,664
Premises insurance
4,403
3,828
Software costs
3,482
4,262
Travelling expenses
2,359
2,549
Accountancy
5,670
5,392
Charitable donations
20
6,100
Bank charges
1,171
1,261
Printing and stationery
464
1,709
Telecommunications
578
741
Other office supplies
132
200
Entertaining
172
-
Sundry expenses
171
458
Late payment interest and penalties
12
1,313
Depreciation
7,400
7,939
(84,086)
(96,353)
TFPC LTD
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
£
£
£
£
Operating loss
(12,009)
(27,154)
Interest receivable and similar income
Bank interest received
252
22
Other interest received
1,754
2,591
2,006
2,613
Loss before taxation
2.17%
(10,003)
3.99%
(24,541)
2023-03-312022-04-01false19 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr A P GageMrs V H Gage093361352022-04-012023-03-31093361352023-03-31093361352022-03-3109336135core:PlantMachinery2023-03-3109336135core:FurnitureFittings2023-03-3109336135core:PlantMachinery2022-03-3109336135core:FurnitureFittings2022-03-3109336135core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3109336135core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3109336135core:CurrentFinancialInstruments2023-03-3109336135core:CurrentFinancialInstruments2022-03-3109336135core:ShareCapital2023-03-3109336135core:ShareCapital2022-03-3109336135core:RetainedEarningsAccumulatedLosses2023-03-3109336135core:RetainedEarningsAccumulatedLosses2022-03-3109336135bus:Director12022-04-012023-03-3109336135core:Goodwill2022-04-012023-03-3109336135core:PlantMachinery2022-04-012023-03-3109336135core:FurnitureFittings2022-04-012023-03-31093361352021-04-012022-03-3109336135core:UKTax2022-04-012023-03-3109336135core:UKTax2021-04-012022-03-3109336135core:NetGoodwill2022-03-3109336135core:NetGoodwill2023-03-3109336135core:NetGoodwill2022-03-3109336135core:PlantMachinery2022-03-3109336135core:FurnitureFittings2022-03-31093361352022-03-3109336135core:WithinOneYear2023-03-3109336135core:WithinOneYear2022-03-3109336135bus:PrivateLimitedCompanyLtd2022-04-012023-03-3109336135bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3109336135bus:FRS1022022-04-012023-03-3109336135bus:AuditExemptWithAccountantsReport2022-04-012023-03-3109336135bus:Director22022-04-012023-03-3109336135bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP