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REGISTERED NUMBER: 02472574 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 May 2023

for

T. & C. Site Services Limited

T. & C. Site Services Limited (Registered number: 02472574)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Profit and Loss Account 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


T. & C. Site Services Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: T J Adams
Mrs C Adams
T J Adams
N D Adams





SECRETARY: Mrs C Adams





REGISTERED OFFICE: Garner Street
Etruria
Stoke-on-Trent
Staffordshire
ST4 7BE





REGISTERED NUMBER: 02472574 (England and Wales)





AUDITORS: Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

T. & C. Site Services Limited (Registered number: 02472574)

Strategic Report
for the Year Ended 31 May 2023

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

REVIEW OF BUSINESS
The principle activity of the business continues to be the provision of tyre and site services in the off-the-road (OTR) speciality sector.

Business has been conducted against a backdrop of economic apprehension, with many customers in the sector looking to both reduce and defer their spending. Conflict in Ukraine is ongoing and this has a direct impact on tyre manufacturers due to the availability of various raw materials becoming more scarce.

However, following the commencement of worldwide production after the Coronavirus pandemic, the marketplace in general has a surplus of stock available - primarily due to reduced demand as a result of the aforementioned reduction and deferral of spending.

The UK labour market has continued to be volatile which has presented a number of challenges. T. & C. Site Services Limited's (T&C) main operations require a trifecta of skills; being HGV driving, crane operation and tyre fitting. Each of these skills are a career in their own right.

T&C has also experienced a heavy turnover in its technical staff. Partly due to disruption from new competitors offering an above market rate of salary, partly due to alternative work available in favourable environments. This has played a significant role in salary costs increasing.

Despite the above turnover in workforce, T&C has maintained its revenue in line with the prior financial year. The Directors are pleased with this given the challenges faced in the year, but this is also a signal towards oncoming challenges. Operating profit levels fell to 3.2%, from 6.4%, which is a direct result of increased costs overall.

The main challenges ahead are positioning appropriate pricing to be both competitive but also reflect the quality of services which T&C offers and also the recruitment and retention of competent professionals

Prices in general have not risen to reflect the changes in market conditions and this is an area which will be addressed.

Addressing recruitment will be a difficult project. The sector overall does not garner much interest, therefore there is not an influx of new apprentices

Given the external factors outlined above, the directors are pleased with the results for the year.

The directors have continued their investment in its operating fleet, renewing some of the older vehicles. This investment has continued into 2024.

As in previous years, the directors monitor the performance of the company through monthly management accounts and sales reports for individual depots. Operating reports are also distributed to the Depot Managers so they can also monitor their own performance and find areas to improve.

Key performance indicators are gross margin, stock turnover, debtor days and operating profit margin.

2023 2022
Gross profit 41.5% 41.6%
Stock turnover 75 days 69 days
Debtor days 69 days 85 days
Operating profit 3.2% 6.4%


T. & C. Site Services Limited (Registered number: 02472574)

Strategic Report
for the Year Ended 31 May 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have identified the key risks faced by the company to be market risk, financial risk, credit risk and exchange rate risk.

The company has continued good relationships with customers, suppliers, facility providers, and its loyal and stable workforce.

Those factors considered, the directors feel that they are able to continue to minimise any risk and uncertainties to the company moving forward.

The directors are constantly monitoring both the quality and price of the products it acquires and the range of goods it supplies, to minimise the market risk.

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

The company's policy throughout the year has been to monitor and manage its bank funds in the context of its trading activity and avoid incurring unnecessary overdraft interest, whilst also funding the repayment of hire purchase obligations.

The principal credit risk arises from its trade debtors. In order to manage credit risk, the directors set limits for its customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history. During the year, credit risk exposure was spread over a range of customers.

Looking to the future, the directors want to maintain appropriate investment levels in the company to maintain and secure the company's position in the market. The directors closely monitor the market place to ensure that the company can deliver the best products at the best prices.

A substantial proportion of the purchases are imported which means that the group is exposed to exchange risk. To minimise the exposure to exchange rate risk, the group tries to maintain sufficient liquid funds to cover off any exchange rate movement.

ON BEHALF OF THE BOARD:





Mrs C Adams - Secretary


16 November 2023

T. & C. Site Services Limited (Registered number: 02472574)

Report of the Directors
for the Year Ended 31 May 2023

The directors present their report with the financial statements of the company for the year ended 31 May 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 May 2023 will be £ 4,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report.

T J Adams
Mrs C Adams
T J Adams
N D Adams

DISCLOSURE IN THE STRATEGIC REPORT
Future developments and principal risks and uncertainties are disclosed in the Strategic Report.

The company has chosen in accordance with section 414(c) of the Companies Act 2006 (Strategic and Directors Report) Regulations 2013 to set out in the company's Strategic Report information required by schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mrs C Adams - Secretary


16 November 2023

Report of the Independent Auditors to the Members of
T. & C. Site Services Limited

Opinion
We have audited the financial statements of T. & C. Site Services Limited (the 'company') for the year ended 31 May 2023 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 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 Auditors' 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 directors' 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 financial statements are 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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.

Report of the Independent Auditors to the Members of
T. & C. Site Services Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of
T. & C. Site Services Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the tyre service and sale sector.

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, other industry specific accreditations and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Report of the Independent Auditors to the Members of
T. & C. Site Services Limited


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jeremy Bostock BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

16 November 2023

T. & C. Site Services Limited (Registered number: 02472574)

Profit and Loss Account
for the Year Ended 31 May 2023

2023 2022
Notes £    £   

TURNOVER 13,076,866 13,040,808

Cost of sales 7,649,656 7,610,246
GROSS PROFIT 5,427,210 5,430,562

Administrative expenses 5,012,035 4,559,390
415,175 871,172

Other operating income 3 3,856 10,207
OPERATING PROFIT 6 419,031 881,379


Interest payable and similar expenses 7 33,517 39,385
PROFIT BEFORE TAXATION 385,514 841,994

Tax on profit 8 144,125 117,626
PROFIT FOR THE FINANCIAL YEAR 241,389 724,368

T. & C. Site Services Limited (Registered number: 02472574)

Other Comprehensive Income
for the Year Ended 31 May 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 241,389 724,368


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 241,389 724,368

T. & C. Site Services Limited (Registered number: 02472574)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,702,486 1,530,174

CURRENT ASSETS
Stocks 11 1,684,172 1,462,544
Debtors 12 2,657,092 3,288,635
Cash at bank and in hand 1,017,086 1,487,785
5,358,350 6,238,964
CREDITORS
Amounts falling due within one year 13 3,081,808 3,934,999
NET CURRENT ASSETS 2,276,542 2,303,965
TOTAL ASSETS LESS CURRENT LIABILITIES 3,979,028 3,834,139

CREDITORS
Amounts falling due after more than one year 14 (236,794 ) (464,708 )

PROVISIONS FOR LIABILITIES 17 (340,100 ) (204,686 )
NET ASSETS 3,402,134 3,164,745

CAPITAL AND RESERVES
Called up share capital 18 2 2
Retained earnings 19 3,402,132 3,164,743
SHAREHOLDERS' FUNDS 3,402,134 3,164,745

The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:





T J Adams - Director


T. & C. Site Services Limited (Registered number: 02472574)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2021 2 2,444,375 2,444,377

Changes in equity
Dividends - (4,000 ) (4,000 )
Total comprehensive income - 724,368 724,368
Balance at 31 May 2022 2 3,164,743 3,164,745

Changes in equity
Dividends - (4,000 ) (4,000 )
Total comprehensive income - 241,389 241,389
Balance at 31 May 2023 2 3,402,132 3,402,134

T. & C. Site Services Limited (Registered number: 02472574)

Cash Flow Statement
for the Year Ended 31 May 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 605,066 1,084,234
Interest element of hire purchase payments paid (33,517 ) (39,385 )
Tax paid (49,465 ) (40,927 )
Net cash from operating activities 522,084 1,003,922

Cash flows from investing activities
Purchase of tangible fixed assets (613,418 ) (72,023 )
Sale of tangible fixed assets 63,943 60,343
Net cash from investing activities (549,475 ) (11,680 )

Cash flows from financing activities
Capital repayments in year (443,308 ) (578,735 )
Amount withdrawn by directors 4,000 -
Equity dividends paid (4,000 ) (4,000 )
Net cash from financing activities (443,308 ) (582,735 )

(Decrease)/increase in cash and cash equivalents (470,699 ) 409,507
Cash and cash equivalents at beginning of year 2 1,487,785 1,078,278

Cash and cash equivalents at end of year 2 1,017,086 1,487,785

T. & C. Site Services Limited (Registered number: 02472574)

Notes to the Cash Flow Statement
for the Year Ended 31 May 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 385,514 841,994
Depreciation charges 581,346 519,796
Profit on disposal of fixed assets (17,812 ) (16,223 )
Finance costs 33,517 39,385
982,565 1,384,952
Increase in stocks (221,628 ) (138,754 )
Decrease/(increase) in trade and other debtors 631,543 (882,468 )
(Decrease)/increase in trade and other creditors (787,414 ) 720,504
Cash generated from operations 605,066 1,084,234

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 1,017,086 1,487,785
Year ended 31 May 2022
31.5.22 1.6.21
£    £   
Cash and cash equivalents 1,487,785 1,078,278


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other
non-cash
At 1.6.22 Cash flow changes At 31.5.23
£    £    £    £   
Net cash
Cash at bank
and in hand 1,487,785 (470,699 ) 1,017,086
1,487,785 (470,699 ) 1,017,086
Debt
Finance leases (771,326 ) 443,308 (186,371 ) (514,389 )
(771,326 ) 443,308 (186,371 ) (514,389 )
Total 716,459 (27,391 ) (186,371 ) 502,697

T. & C. Site Services Limited (Registered number: 02472574)

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

1. STATUTORY INFORMATION

T. & C. Site Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below, have remained unchanged from the previous year and have also been consistently applied within the accounts.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12 month period from the date of these accounts being approved.

Significant judgements and estimates
The company makes significant judgements and estimates concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities are detailed below.

Stock provision

The company sells tyres which are subject to changing customer demands and product degradation. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning necessary. When calculating the stock provision, management considers the nature and condition of the stock as well as reviewing sales and purchase history.

Impairment of debtors

Management makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

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

Turnover is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the previously agreed upon payment. These criteria are considered to be met when the goods are delivered to the buyer.

All turnover is derived from UK customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold alterations - 25% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 35% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

T. & C. Site Services Limited (Registered number: 02472574)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

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

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of the reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

T. & C. Site Services Limited (Registered number: 02472574)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

3. OTHER OPERATING INCOME
2023 2022
£    £   
Sundry receipts 3,856 -
Job retention scheme grant - 11,128
Exchange gains - (921 )
3,856 10,207

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,281,726 2,099,505
Social security costs 277,755 238,603
Other pension costs 80,573 103,870
2,640,054 2,441,978

The average number of employees during the year was as follows:
2023 2022

Directors 4 4
Head office admin 14 14
Sales 4 4
Depot admin 8 8
Depot fitters 34 29
64 59

5. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 176,540 243,851

6. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 745 -
Depreciation - owned assets 375,474 214,500
Depreciation - assets on hire purchase contracts 205,872 305,296
Profit on disposal of fixed assets (17,812 ) (16,223 )
Auditors' remuneration 10,808 9,328
Foreign exchange differences - 921
Job retention scheme - (11,128 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase 33,517 39,385

T. & C. Site Services Limited (Registered number: 02472574)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 8,711 49,465

Deferred tax 135,414 68,161
Tax on profit 144,125 117,626

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 385,514 841,994
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2022 -
19%)

73,248

159,979

Effects of:
Capital allowances in excess of depreciation - (42,353 )
Depreciation in excess of capital allowances 70,877 -

on capital allowances

Total tax charge 144,125 117,626

9. DIVIDENDS
2023 2022
£    £   
Interim 4,000 4,000

T. & C. Site Services Limited (Registered number: 02472574)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

10. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
alterations machinery fittings
£    £    £   
COST
At 1 June 2022 57,753 2,476,912 5,012
Additions 4,793 309,604 -
Disposals - (2,625 ) -
At 31 May 2023 62,546 2,783,891 5,012
DEPRECIATION
At 1 June 2022 46,264 1,925,003 1,253
Charge for year 10,258 215,358 936
Eliminated on disposal - (2,432 ) -
At 31 May 2023 56,522 2,137,929 2,189
NET BOOK VALUE
At 31 May 2023 6,024 645,962 2,823
At 31 May 2022 11,489 551,909 3,759

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2022 2,526,068 116,344 5,182,089
Additions 464,526 20,866 799,789
Disposals (253,261 ) (14,324 ) (270,210 )
At 31 May 2023 2,737,333 122,886 5,711,668
DEPRECIATION
At 1 June 2022 1,584,949 94,446 3,651,915
Charge for year 340,181 14,613 581,346
Eliminated on disposal (208,338 ) (13,309 ) (224,079 )
At 31 May 2023 1,716,792 95,750 4,009,182
NET BOOK VALUE
At 31 May 2023 1,020,541 27,136 1,702,486
At 31 May 2022 941,119 21,898 1,530,174

T. & C. Site Services Limited (Registered number: 02472574)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2022 624,905 884,040 1,508,945
Additions - 25,559 25,559
At 31 May 2023 624,905 909,599 1,534,504
DEPRECIATION
At 1 June 2022 339,635 371,374 711,009
Charge for year 71,315 134,557 205,872
At 31 May 2023 410,950 505,931 916,881
NET BOOK VALUE
At 31 May 2023 213,955 403,668 617,623
At 31 May 2022 285,270 512,666 797,936

11. STOCKS
2023 2022
£    £   
Stocks 1,684,172 1,462,544

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,474,785 3,042,255
Prepayments 182,307 246,380
2,657,092 3,288,635

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 277,595 306,618
Trade creditors 1,790,639 2,729,083
Tax 8,711 49,465
Social security and other taxes 60,840 69,247
VAT 262,230 189,313
Other creditors 71,757 79,900
Directors' current accounts 56,701 52,701
Accrued expenses 553,335 458,672
3,081,808 3,934,999

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 236,794 464,708

T. & C. Site Services Limited (Registered number: 02472574)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 277,595 306,618
Between one and five years 236,794 464,708
514,389 771,326

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 514,389 771,326

Hire purchase creditors are secured on the related fixed assets.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 340,100 204,686

Deferred
tax
£   
Balance at 1 June 2022 204,686
Provided during year 135,414
Balance at 31 May 2023 340,100

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

19. RESERVES
Retained
earnings
£   

At 1 June 2022 3,164,743
Profit for the year 241,389
Dividends (4,000 )
At 31 May 2023 3,402,132

T. & C. Site Services Limited (Registered number: 02472574)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

20. CAPITAL AND FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £274,820 (2022: £248,880).

This amount relates to land and buildings leases totalling £272,252 (2022: £246,312) and other operating leases totalling £2,568 (2022: £2,568). Land and buildings represents the total amount of payments remaining on the lease of various sites in use across the country, of which the majority are on a rolling 12 month contract. Other operating leases represent the total amount of payments remaining on the lease of telephone equipment ending in 2023.

Capital commitments which are contracted for but not provided in these financial statements relate to £949,516 (2022:£Nil).

21. RELATED PARTY DISCLOSURES

During the year, the company rented premises from its pension fund at an open market rate. The amount charged during the year in respect of rent was £60,417 (2022: £62,000).

As at 31 May 2023, the company owed £56,701 to the directors Mr T Adams and Mrs C Adams (2022: £52,701). The loan is interest free and has no fixed date of repayment.

22. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors Mr T Adams and Mrs C Adams, who own 100% of the issued share capital.