IRIS Accounts Production v23.3.0.418 03572974 director 1.3.22 28.2.23 28.2.23 the sale of electrical components. true false true true false false false true false Ordinary 1.00000 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STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

TLA DISTRIBUTION LIMITED

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 28 February 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditor 5

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


TLA DISTRIBUTION LIMITED

COMPANY INFORMATION
for the year ended 28 February 2023







DIRECTOR: D Curtis



SECRETARY: D Curtis



REGISTERED OFFICE: 63-69 Moorbridge Road
Bingham
Nottinghamshire
NG13 8GG



REGISTERED NUMBER: 03572974 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr James Timothy Card FCCA



AUDITOR: Hewitt Card Limited
Statutory Auditor
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

STRATEGIC REPORT
for the year ended 28 February 2023

The Company's objectives are to provide from stock a comprehensive and high quality supply of switch and fuse gear along with associated products to industry users.

This is achieved through a developing branch network and the employment of knowledgeable staff together with ensuring the supply of products from industry leading names.

REVIEW OF BUSINESS
The result for the year has again further strengthened the Company balance sheet with an increase in shareholders funds and net current assets.

At the end of the year the Director is satisfied with both the result achieved and the year end position; and to date the Company continues to trade satisfactorily.

The focus to improve the current position has proved particularly relevant given the situation with the supply chain issues. The Company has managed funds and resources prudently throughout and has maintained a balanced position providing supply to key industries while maintaining financial discipline to ensure continued profitability and work within the finance available and regulations imposed.

The main risks facing the Company are detailed below.

The Company manages these risks through involved and informed management; together with an integrated and real time management information reporting system to regularly produce critical financial reporting information to measure results against a forecasted budget and enable the Directors to respond promptly to challenges and opportunities arising both internally and externally.

This is further enhanced through regular and systemised review of trading performance together with stock, debtor cash and creditor levels in conjunction with external market information of trends and economic activity.

Ensuring the Company has the resources to provide a continued supply in the current market is of fundamental importance. Given the Company position the Director is confident that while the short term will again be challenging the Company is well positioned in terms of financial and skilled resource to respond to those challenges

The key performance indicators of the Company are given below:



2023 2022
Gross profit £8.4m £8.5m
Gross profit percentage 28.26% 25.30%
Net profit/(loss) £1.96m £1.3m
Stockholding days 85 67
Debtor days 85 89
Shareholders funds £8.2m £6.3m



TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

STRATEGIC REPORT
for the year ended 28 February 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks facing the Company is the maintenance of a diverse and credit worthy customer base along with effective management of working capital.

The Company manages it's cash flow through borrowing secured on the Company's debtors. These levels are continually reviewed to ensure projected needs are covered.

The Company's exposure to debt is managed through debt control with review of the Company's customer base to ensure there is no concentration of risk.

Stock levels are reviewed regularly to both ensure continuity of supply and combat obsolete stock.

ON BEHALF OF THE BOARD:





D Curtis - Director


17 November 2023

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

REPORT OF THE DIRECTOR
for the year ended 28 February 2023

The director presents his report with the financial statements of the company for the year ended 28 February 2023.

DIVIDENDS
No dividends will be distributed for the year ended 28 February 2023.

DIRECTOR
D Curtis was the sole director during the year under review.

The director holding office at 28 February 2023 did not hold any beneficial interest in the issued share capital of the company at 1 March 2022 or 28 February 2023.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditor is unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

AUDITOR
The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Curtis - Director


17 November 2023

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
TLA DISTRIBUTION LIMITED

Opinion
We have audited the financial statements of TLA Distribution Limited (the 'company') for the year ended 28 February 2023 which comprise the Statement of 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 28 February 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditor 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 Director 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 Director 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 Director.

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 director's 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 AUDITOR TO THE MEMBERS OF
TLA DISTRIBUTION LIMITED


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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 Auditor 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:

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.
To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control.
To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.
- We have enquired of management and the company's solicitors around actual and potential litigation and claims.
- Review of company minutes of meetings of those charged with governance.
- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations
- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

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 Auditor.

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 Auditor 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.




Mr James Timothy Card FCCA (Senior Statutory Auditor)
for and on behalf of Hewitt Card Limited
Statutory Auditor
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

17 November 2023

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 28 February 2023

Year Ended Period
28.2.23 1.9.20 to 28.2.22
Notes £    £    £    £   

TURNOVER 29,650,358 33,663,698

Cost of sales 21,272,021 25,147,959
GROSS PROFIT 8,378,337 8,515,739

Distribution costs 103,966 143,636
Administrative expenses 5,524,782 6,542,399
5,628,748 6,686,035
2,749,589 1,829,704

Other operating income - 18,329
OPERATING PROFIT 5 2,749,589 1,848,033


Interest payable and similar expenses 6 16,257 68,839
PROFIT BEFORE TAXATION 2,733,332 1,779,194

Tax on profit 7 709,451 468,340
PROFIT FOR THE FINANCIAL YEAR 2,023,881 1,310,854

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

2,023,881

1,310,854

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

BALANCE SHEET
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 1,914,469 1,757,800
1,914,469 1,757,800

CURRENT ASSETS
Stocks 12 5,732,435 4,157,883
Debtors 13 7,913,229 6,158,777
Cash at bank and in hand 344,529 1,159,205
13,990,193 11,475,865
CREDITORS
Amounts falling due within one year 14 6,720,199 6,116,883
NET CURRENT ASSETS 7,269,994 5,358,982
TOTAL ASSETS LESS CURRENT LIABILITIES 9,184,463 7,116,782

CREDITORS
Amounts falling due after more than one year 15 (757,944 ) (773,637 )

PROVISIONS FOR LIABILITIES 19 (131,153 ) (71,660 )
NET ASSETS 8,295,366 6,271,485

CAPITAL AND RESERVES
Called up share capital 20 200 200
Retained earnings 21 8,295,166 6,271,285
SHAREHOLDERS' FUNDS 8,295,366 6,271,485

The financial statements were approved by the director and authorised for issue on 17 November 2023 and were signed by:





D Curtis - Director


TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

STATEMENT OF CHANGES IN EQUITY
for the year ended 28 February 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 September 2020 200 4,980,431 4,980,631

Changes in equity
Dividends - (20,000 ) (20,000 )
Total comprehensive income - 1,310,854 1,310,854
Balance at 28 February 2022 200 6,271,285 6,271,485

Changes in equity
Total comprehensive income - 2,023,881 2,023,881
Balance at 28 February 2023 200 8,295,166 8,295,366

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

CASH FLOW STATEMENT
for the year ended 28 February 2023

Period
1.9.20
Year Ended to
28.2.23 28.2.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 414,196 465,493
Interest paid (1,817 ) (40,654 )
Interest element of hire purchase payments
paid

(14,440

)

(28,185

)
Tax paid (771,510 ) (362,790 )
Net cash from operating activities (373,571 ) 33,864

Cash flows from investing activities
Purchase of tangible fixed assets (482,798 ) (283,039 )
Sale of tangible fixed assets 77,247 68,975
Net cash from investing activities (405,551 ) (214,064 )

Cash flows from financing activities
Loan repayments in year (85,550 ) (52,821 )
Capital repayments in year 49,996 (58,857 )
Equity dividends paid - (20,000 )
Net cash from financing activities (35,554 ) (131,678 )

Decrease in cash and cash equivalents (814,676 ) (311,878 )
Cash and cash equivalents at beginning of
year

2

1,159,205

1,471,083

Cash and cash equivalents at end of year 2 344,529 1,159,205

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 28 February 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1.9.20
Year Ended to
28.2.23 28.2.22
£    £   
Profit before taxation 2,733,332 1,779,194
Depreciation charges 262,810 355,440
Profit on disposal of fixed assets (13,928 ) (13,199 )
Finance costs 16,257 68,839
2,998,471 2,190,274
Increase in stocks (1,574,552 ) (1,461,165 )
Increase in trade and other debtors (1,720,929 ) (1,520,359 )
Increase in trade and other creditors 711,206 1,256,743
Cash generated from operations 414,196 465,493

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 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 344,529 1,159,205
Period ended 28 February 2022
28.2.22 1.9.20
£    £   
Cash and cash equivalents 1,159,205 1,471,083


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

At 1.3.22 Cash flow At 28.2.23
£    £    £   
Net cash
Cash at bank and in hand 1,159,205 (814,676 ) 344,529
1,159,205 (814,676 ) 344,529
Debt
Finance leases (346,040 ) (49,996 ) (396,036 )
Debts falling due within 1 year (69,921 ) 12,085 (57,836 )
Debts falling due after 1 year (584,880 ) 73,465 (511,415 )
(1,000,841 ) 35,554 (965,287 )
Total 158,364 (779,122 ) (620,758 )

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 28 February 2023

1. STATUTORY INFORMATION

TLA Distribution 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Sale of goods
Turnover from the sale of goods is recognised when;
- the significant risks and rewards of ownership of the goods has transferred 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 turnover can be measured reliably
- it is probable that the economic benefits associated with the transaction will flow to the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Intangible fixed assets - development costs
Expenditure on research and development is charged to the profit and loss account in the year in which it is incurred with the exception of expenditure incurred in respect of the development of major new products where the outcome of those projects is assessed as being reasonably certain as regards viability and technical feasibility. Such expenditure is capitalised and amortised straight line over the estimated period of sale for each product, commencing in the year that sales of the product are first made.
Amortisation is provided over 2 years on a straight line basis.

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.
Freehold property - 2% on cost
Short leasehold - Straight line over 5 years
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

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

Stock is valued on the AVCO basis.

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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.

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 trade and other receivables, loans to fellow group companies 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.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Basic financial liabilities, including trade and other payables, and bank loans 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.


TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 commitments
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.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Slow moving stock

The company holds a diverse range of stock and closely monitors the movement of each line. The company recognises the need to provide a basis upon which to identify slow moving stock. It calculates this based on lines not moved for more than one year and are no longer able to be returned to the supplier.The basis is anything in excess of not moving for more than a year a provision of 100% against cost is provided on that stock line.

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

4. EMPLOYEES AND DIRECTORS
Period
1.9.20
Year Ended to
28.2.23 28.2.22
£    £   
Wages and salaries 2,528,532 3,394,001
Social security costs 307,245 375,519
Other pension costs 399,429 322,007
3,235,206 4,091,527

The average number of employees during the year was as follows:
Period
1.9.20
Year Ended to
28.2.23 28.2.22

82 80

Period
1.9.20
Year Ended to
28.2.23 28.2.22
£    £   
Director's remuneration 194,583 269,520
Director's pension contributions to money purchase schemes 40,000 40,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

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

Period
1.9.20
Year Ended to
28.2.23 28.2.22
£    £   
Hire of plant and machinery 120,471 172,823
Depreciation - owned assets 118,666 162,235
Depreciation - assets on hire purchase contracts 144,144 193,205
Profit on disposal of fixed assets (13,928 ) (13,199 )
Auditors' remuneration 15,875 11,340

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.9.20
Year Ended to
28.2.23 28.2.22
£    £   
Invoice discounting interest 3,921 7
Other interest (9 ) 1,744
Loan (2,095 ) 38,903
Hire purchase 14,440 28,185
16,257 68,839

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.9.20
Year Ended to
28.2.23 28.2.22
£    £   
Current tax:
UK corporation tax 649,273 470,825
Under/(Over) provision from previous year 685 -
Total current tax 649,958 470,825

Deferred tax:
Effect of change in rate on opening position 24,474 -
Origination and reversal of timing differences 35,019 (2,485 )
Total deferred tax 59,493 (2,485 )

Tax on profit 709,451 468,340

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

7. TAXATION - continued

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:

Period
1.9.20
Year Ended to
28.2.23 28.2.22
£    £   
Profit before tax 2,733,332 1,779,194
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

519,333

338,047

Effects of:
Expenses not deductible for tax purposes 170,992 131,253
Income not taxable for tax purposes (2,646 ) (2,509 )
Capital allowances in excess of depreciation (38,406 ) -
Depreciation in excess of capital allowances - 4,034
Adjustments to tax charge in respect of previous periods 685 -

Deferred tax 59,493 (2,485 )
Total tax charge 709,451 468,340

8. DIVIDENDS
Period
1.9.20
Year Ended to
28.2.23 28.2.22
£    £   
Ordinary shares of £1 each
Interim - 20,000

9. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
The total cost of contributions in the period is £399,429 (2022: £322,007). At 28th February 2023 £116,717 was outstanding in respect of contributions (2022:£11,000)

10. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 March 2022
and 28 February 2023 39,830
AMORTISATION
At 1 March 2022
and 28 February 2023 39,830
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

11. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 March 2022 1,325,555 34,545 533,764
Additions - - 109,901
Disposals - - (6,500 )
At 28 February 2023 1,325,555 34,545 637,165
DEPRECIATION
At 1 March 2022 134,915 34,545 355,708
Charge for year 17,711 - 59,962
Eliminated on disposal - - (6,500 )
At 28 February 2023 152,626 34,545 409,170
NET BOOK VALUE
At 28 February 2023 1,172,929 - 227,995
At 28 February 2022 1,190,640 - 178,056

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2022 326,520 633,619 241,169 3,095,172
Additions 99,418 272,336 1,143 482,798
Disposals - (170,678 ) - (177,178 )
At 28 February 2023 425,938 735,277 242,312 3,400,792
DEPRECIATION
At 1 March 2022 247,421 340,944 223,839 1,337,372
Charge for year 44,629 125,423 15,085 262,810
Eliminated on disposal - (107,359 ) - (113,859 )
At 28 February 2023 292,050 359,008 238,924 1,486,323
NET BOOK VALUE
At 28 February 2023 133,888 376,269 3,388 1,914,469
At 28 February 2022 79,099 292,675 17,330 1,757,800

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 339,047 - 361,410 29,230 729,687
Additions - 31,032 272,336 - 303,368
Transfer to ownership - - (155,843 ) - (155,843 )
At 28 February 2023 339,047 31,032 477,903 29,230 877,212
DEPRECIATION
At 1 March 2022 204,838 - 142,266 16,239 363,343
Charge for year 33,553 7,758 93,090 9,743 144,144
Transfer to ownership - - (69,256 ) - (69,256 )
At 28 February 2023 238,391 7,758 166,100 25,982 438,231
NET BOOK VALUE
At 28 February 2023 100,656 23,274 311,803 3,248 438,981
At 28 February 2022 134,209 - 219,144 12,991 366,344

12. STOCKS
28.2.23 28.2.22
£    £   
Finished goods 5,732,435 4,157,883

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 6,930,110 5,467,855
Amounts owed by group undertakings 45,187 11,664
Other debtors 341,539 123,227
Prepayments 596,393 556,031
7,913,229 6,158,777

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts (see note 16) 57,836 69,921
Hire purchase contracts (see note 17) 149,507 157,283
Trade creditors 5,508,180 4,913,851
Amounts owed to group undertakings - 137,600
Tax 349,273 470,825
Social security and other taxes 66,370 56,062
VAT 403,525 214,712
Accrued expenses 185,508 96,629
6,720,199 6,116,883

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans (see note 16) 511,415 584,880
Hire purchase contracts (see note 17) 246,529 188,757
757,944 773,637

16. LOANS

An analysis of the maturity of loans is given below:

28.2.23 28.2.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 57,836 69,921

Amounts falling due between one and two years:
Bank loans - 1-2 years 58,136 70,960

Amounts falling due between two and five years:
Bank loans - 2-5 years 174,407 219,270

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 278,872 294,650

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
28.2.23 28.2.22
£    £   
Gross obligations repayable:
Within one year 169,117 172,034
Between one and five years 265,767 199,397
434,884 371,431

Finance charges repayable:
Within one year 19,610 14,751
Between one and five years 19,238 10,640
38,848 25,391

Net obligations repayable:
Within one year 149,507 157,283
Between one and five years 246,529 188,757
396,036 346,040

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
28.2.23 28.2.22
£    £   
Within one year 26,756 27,388
Between one and five years 311,728 187,942
In more than five years 485,892 677,880
824,376 893,210

18. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank loans 569,251 654,801
Hire purchase contracts 396,036 346,040
965,287 1,000,841

The bank overdraft is secured on the company's trade debtors and by a debenture dated 27th March 1999.

The bank also holds a charge over the company's premises at Bingham and Northamptonshire.

19. PROVISIONS FOR LIABILITIES
28.2.23 28.2.22
£    £   
Deferred tax
Accelerated capital allowances 131,153 71,660

Deferred
tax
£   
Balance at 1 March 2022 71,660
Provided during year 59,493
Balance at 28 February 2023 131,153

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
200 Ordinary £1 200 200

21. RESERVES

The profit and loss reserve represents cumulative profits and losses of the company.

22. ULTIMATE PARENT COMPANY

The ultimate parent company is TLA Trustee Limited, a company registered in England and Wales.

The statutory accounts for the Group can be obtained from the Companys registered office. 63-69 Moorbridge Road, Bingham, Nottinghamshire, NG13 8GG

TLA DISTRIBUTION LIMITED (REGISTERED NUMBER: 03572974)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

24. ULTIMATE CONTROLLING PARTY

The company is owned by TLA Trustee Limited which operates as a trust and there is no overall controlling party