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Registration number: 01667871

TSL Vanguard Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

TSL Vanguard Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

TSL Vanguard Limited

(Registration number: 01667871)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

1,935,543

 

1,474,306

Current assets

   

 

Stocks

24,547

 

34,050

 

Debtors

6

894,213

 

1,048,300

 

Cash at bank and in hand

 

120,164

 

106,439

 

 

1,038,924

 

1,188,789

 

Creditors: Amounts falling due within one year

7

(1,297,473)

 

(1,419,522)

 

Net current liabilities

   

(258,549)

 

(230,733)

Total assets less current liabilities

   

1,676,994

 

1,243,573

Creditors: Amounts falling due after more than one year

7

 

(991,657)

 

(632,049)

Provisions for liabilities

 

(172,000)

 

(161,000)

Net assets

   

513,337

 

450,524

Capital and reserves

   

 

Called up share capital

9

25,000

 

25,000

 

Profit and loss account

488,337

 

425,524

 

Total equity

   

513,337

 

450,524

 

TSL Vanguard Limited

(Registration number: 01667871)
Balance Sheet as at 31 March 2023

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................
I Liversidge
Director

 

TSL Vanguard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Bell Hill
Wood Lane
Rothwell
Leeds
LS26 0RS

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 have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A 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.

The company's functional and presentation currency is pound sterling.

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 value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

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.

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

 

TSL Vanguard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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

Plant and equipment

15% reducing balance basis

Motor vehicles

10% - 20% reducing balance basis

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.

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.

 

TSL Vanguard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

 

TSL Vanguard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, 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 for a similar asset. 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 and any subsequent reversal is recognised in profit or loss.

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) 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 for a similar debt instrument.

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

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 29 (2022 - 27).

4

Government grants

During the year the company has received grant income of £Nil (2022: £70,013) in respect of the Coronavirus Job Retention Scheme.
During the year the company has received grant income of £Nil (2022: £154) in respect of the Coronavirus Statutory Sick Pay Rebate.

 

TSL Vanguard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

145,263

2,203,963

2,349,226

Additions

68,958

686,685

755,643

Disposals

-

(27,545)

(27,545)

At 31 March 2023

214,221

2,863,103

3,077,324

Depreciation

At 1 April 2022

34,499

840,421

874,920

Charge for the year

23,546

249,090

272,636

Eliminated on disposal

-

(5,775)

(5,775)

At 31 March 2023

58,045

1,083,736

1,141,781

Carrying amount

At 31 March 2023

156,176

1,779,367

1,935,543

At 31 March 2022

110,764

1,363,542

1,474,306

6

Debtors

Current

2023
£

2022
£

Trade debtors

884,010

1,041,721

Prepayments

10,203

6,579

 

894,213

1,048,300


.

 

TSL Vanguard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

629,131

525,026

Trade creditors

 

188,369

285,230

Taxation and social security

 

60,703

106,398

Accruals and deferred income

 

21,046

23,805

Other creditors

 

398,224

479,063

 

1,297,473

1,419,522


Creditors due within one year include net obligations under finance lease and hire purchase contracts which are secured over the assets concerned of £303,942 (2022 - £194,837).

Creditors due within one year include net obligations under invoice discounting agreements which are secured over the trade debtors of the company of £348,532 (2022 - £435,649).

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

991,657

632,049

Creditors due in over one year include net obligations under finance lease and hire purchase contracts which are secured over the assets concerned of £879,157 (2022 - £465,549).

 

TSL Vanguard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

54,000

54,000

Hire purchase contracts

303,942

194,837

Other borrowings

271,189

276,189

629,131

525,026

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

112,500

166,500

Hire purchase contracts

879,157

465,549

991,657

632,049

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

25,000

25,000

25,000

25,000

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £38,249 (2022 - £50,604).

11

Related party transactions

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

271,189

2022

Key management
£

Amounts payable to related party

276,789