Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-04-01falseHaulage and contracting45trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05319624 2022-04-01 2023-03-31 05319624 2021-04-01 2022-03-31 05319624 2023-03-31 05319624 2022-03-31 05319624 c:Director1 2022-04-01 2023-03-31 05319624 c:Director2 2022-04-01 2023-03-31 05319624 d:Buildings 2022-04-01 2023-03-31 05319624 d:Buildings 2023-03-31 05319624 d:Buildings 2022-03-31 05319624 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05319624 d:Buildings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 05319624 d:PlantMachinery 2022-04-01 2023-03-31 05319624 d:PlantMachinery 2023-03-31 05319624 d:PlantMachinery 2022-03-31 05319624 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05319624 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 05319624 d:MotorVehicles 2022-04-01 2023-03-31 05319624 d:MotorVehicles 2023-03-31 05319624 d:MotorVehicles 2022-03-31 05319624 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05319624 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 05319624 d:ComputerEquipment 2022-04-01 2023-03-31 05319624 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 05319624 d:OtherPropertyPlantEquipment 2023-03-31 05319624 d:OtherPropertyPlantEquipment 2022-03-31 05319624 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05319624 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 05319624 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05319624 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 05319624 d:CurrentFinancialInstruments 2023-03-31 05319624 d:CurrentFinancialInstruments 2022-03-31 05319624 d:Non-currentFinancialInstruments 2023-03-31 05319624 d:Non-currentFinancialInstruments 2022-03-31 05319624 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05319624 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05319624 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05319624 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 05319624 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 05319624 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 05319624 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 05319624 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 05319624 d:ShareCapital 2023-03-31 05319624 d:ShareCapital 2022-03-31 05319624 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 05319624 d:RetainedEarningsAccumulatedLosses 2023-03-31 05319624 d:RetainedEarningsAccumulatedLosses 2022-03-31 05319624 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05319624 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 05319624 c:OrdinaryShareClass1 2022-04-01 2023-03-31 05319624 c:OrdinaryShareClass1 2023-03-31 05319624 c:OrdinaryShareClass1 2022-03-31 05319624 c:FRS102 2022-04-01 2023-03-31 05319624 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05319624 c:FullAccounts 2022-04-01 2023-03-31 05319624 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05319624 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 05319624 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 05319624 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 05319624 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 05319624 2 2022-04-01 2023-03-31 05319624 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 05319624 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-03-31 05319624 d:LeasedAssetsHeldAsLessee 2023-03-31 05319624 d:LeasedAssetsHeldAsLessee 2022-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05319624










TYFOS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
TYFOS LIMITED
REGISTERED NUMBER: 05319624

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,274,632
2,497,237

Investments
 6 
2,532
2,532

  
2,277,164
2,499,769

Current assets
  

Stocks
  
15,280
27,176

Debtors: amounts falling due within one year
 7 
2,023,454
211,604

Cash at bank and in hand
 8 
752,854
280,937

  
2,791,588
519,717

Creditors: amounts falling due within one year
 9 
(1,568,146)
(1,054,979)

Net current assets/(liabilities)
  
 
 
1,223,442
 
 
(535,262)

Total assets less current liabilities
  
3,500,606
1,964,507

Creditors: amounts falling due after more than one year
 10 
(213,478)
(315,899)

Provisions for liabilities
  

Deferred tax
 13 
(249,605)
(196,451)

  
 
 
(249,605)
 
 
(196,451)

Net assets
  
3,037,523
1,452,157


Capital and reserves
  

Called up share capital 
 14 
2
2

Profit and loss account
 15 
3,037,521
1,452,155

  
3,037,523
1,452,157


Page 1

 
TYFOS LIMITED
REGISTERED NUMBER: 05319624
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2023.




Mr DM Williams
Mr RJ Williams
Director
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
TYFOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Tyfos Limited, 05319624, is a private company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Tyfos, Llandrillo, Corwen, Denbighshire, LL21 0TA.
The principal activity of the Company for this period was haulage contracting.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the Directors have reasonable expectation that the Company has adequate reserves to continue to trade for the foreseeable future, and therefore continue to adopt the going concern basis in preparing the Accounts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
TYFOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
TYFOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
No depreciation
Plant and machinery
-
20%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Tractors
-
20%
Reducing balance
Renewables
-
5%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
TYFOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 5).

Page 6

 
TYFOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
1,314,462
1,656,562
212,769
84,000
3,267,793


Additions
-
60,550
-
-
60,550


Disposals
(145,000)
(17,110)
-
-
(162,110)



At 31 March 2023

1,169,462
1,700,002
212,769
84,000
3,166,233



Depreciation


At 1 April 2022
-
625,405
90,929
54,222
770,556


Charge for the year on owned assets
-
95,157
11,811
5,956
112,924


Charge for the year on financed assets
-
-
18,649
-
18,649


Disposals
-
(10,528)
-
-
(10,528)



At 31 March 2023

-
710,034
121,389
60,178
891,601



Net book value



At 31 March 2023
1,169,462
989,968
91,380
23,822
2,274,632



At 31 March 2022
1,314,462
1,031,157
121,840
29,778
2,497,237

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
55,948
74,597

55,948
74,597

Page 7

 
TYFOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Fixed asset investments





Trade investments

£





At 1 April 2022
2,532





7.


Debtors

2023
2022
£
£


Trade debtors
2,018,020
198,825

Other debtors
1,462
1,087

Prepayments and accrued income
3,972
11,692

2,023,454
211,604



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
752,854
280,937

752,854
280,937


Page 8

 
TYFOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
76,787
81,686

Trade creditors
245,058
66,671

Corporation tax
389,820
31,465

Other taxation and social security
-
32,431

Obligations under finance lease and hire purchase contracts
31,030
29,839

Other creditors
821,167
808,087

Accruals and deferred income
4,284
4,800

1,568,146
1,054,979


The bank loans due within one year of £76,787 (2022: £81,686) are secured against the assets of the Company.
The amounts due under Hire Purchase agreements within one year of £31,030 (2022: £29,839) are secured against the assets to which the agreements relate.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
210,838
282,230

Net obligations under finance leases and hire purchase contracts
2,640
33,669

213,478
315,899


The bank loans due in more than one year of £210,835 (2022: £282,230) are secured against the assets of the Company.
The amounts due under Hire Purchase agreements in more than one year of £2,640 (2022: £33,669) are secured against the assets to which the relate.

Page 9

 
TYFOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
76,787
81,686


76,787
81,686

Amounts falling due 1-2 years

Bank loans
80,716
83,021


80,716
83,021

Amounts falling due 2-5 years

Bank loans
130,119
199,209


130,119
199,209


287,622
363,916



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
31,030
29,839

Between 1-5 years
2,640
33,669

33,670
63,508

Page 10

 
TYFOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Deferred taxation




2023


£






At beginning of year
(196,451)


Charged to profit or loss
(53,154)



At end of year
(249,605)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
249,605
196,451

249,605
196,451


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



15.


Reserves

Profit and loss account

The profit and loss account represents the accumulated profits of the Company since incorporation less distributions made to shareholders.


16.


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 £78,964 (2022 - £23,994). Contributions totalling £749 (2022 - £377) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 11