IRIS Accounts Productionv23.3.1.4504020568Board of DirectorsBoard of Directors1.5.2230.4.2330.4.23truefalsetruetruefalsefalsefalsetruefalseOrdinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure040205682022-04-30040205682023-04-30040205682022-05-012023-04-30040205682021-04-30040205682021-05-012022-04-30040205682022-04-3004020568ns16:EnglandWales2022-05-012023-04-3004020568ns15:PoundSterling2022-05-012023-04-3004020568ns11:Director12022-05-012023-04-3004020568ns11:Director22022-05-012023-04-3004020568ns11:PrivateLimitedCompanyLtd2022-05-012023-04-3004020568ns11:FRS1022022-05-012023-04-3004020568ns11:Audited2022-05-012023-04-3004020568ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-05-012023-04-3004020568ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-05-012023-04-3004020568ns11:FullAccounts2022-05-012023-04-300402056812022-05-012023-04-3004020568ns11:OrdinaryShareClass12022-05-012023-04-3004020568ns11:Director32022-05-012023-04-3004020568ns11:CompanySecretary12022-05-012023-04-3004020568ns11:RegisteredOffice2022-05-012023-04-3004020568ns6:RetainedEarningsAccumulatedLosses2022-04-3004020568ns6:RetainedEarningsAccumulatedLosses2021-04-3004020568ns6:RetainedEarningsAccumulatedLosses2022-05-012023-04-3004020568ns6:RetainedEarningsAccumulatedLosses2021-05-012022-04-3004020568ns6:RetainedEarningsAccumulatedLosses2023-04-3004020568ns6:RetainedEarningsAccumulatedLosses2022-04-3004020568ns6:CurrentFinancialInstruments2023-04-3004020568ns6:CurrentFinancialInstruments2022-04-3004020568ns6:ShareCapital2023-04-3004020568ns6:ShareCapital2022-04-3004020568ns6:NetGoodwill2022-05-012023-04-300402056812022-05-012023-04-3004020568ns6:PlantEquipmentOtherAssetsUnderOperatingLeases2022-05-012023-04-3004020568ns6:PlantEquipmentOtherAssetsUnderOperatingLeases2021-05-012022-04-3004020568ns6:OwnedAssets2022-05-012023-04-3004020568ns6:OwnedAssets2021-05-012022-04-3004020568ns6:LeasedAssets2022-05-012023-04-3004020568ns6:LeasedAssets2021-05-012022-04-3004020568ns6:HirePurchaseContracts2022-05-012023-04-3004020568ns6:HirePurchaseContracts2021-05-012022-04-3004020568ns11:OrdinaryShareClass12021-05-012022-04-3004020568ns6:NetGoodwill2022-04-3004020568ns6:NetGoodwill2023-04-3004020568ns6:NetGoodwill2022-04-3004020568ns6:LandBuildings2022-04-3004020568ns6:LeaseholdImprovements2022-04-3004020568ns6:PlantMachinery2022-04-3004020568ns6:LandBuildings2022-05-012023-04-3004020568ns6:LeaseholdImprovements2022-05-012023-04-3004020568ns6:PlantMachinery2022-05-012023-04-3004020568ns6:LandBuildings2023-04-3004020568ns6:LeaseholdImprovements2023-04-3004020568ns6:PlantMachinery2023-04-3004020568ns6:LandBuildings2022-04-3004020568ns6:LeaseholdImprovements2022-04-3004020568ns6:PlantMachinery2022-04-3004020568ns6:FurnitureFittings2022-04-3004020568ns6:MotorVehicles2022-04-3004020568ns6:ComputerEquipment2022-04-3004020568ns6:FurnitureFittings2022-05-012023-04-3004020568ns6:MotorVehicles2022-05-012023-04-3004020568ns6:ComputerEquipment2022-05-012023-04-3004020568ns6:FurnitureFittings2023-04-3004020568ns6:MotorVehicles2023-04-3004020568ns6:ComputerEquipment2023-04-3004020568ns6:FurnitureFittings2022-04-3004020568ns6:MotorVehicles2022-04-3004020568ns6:ComputerEquipment2022-04-3004020568ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-04-3004020568ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-04-3004020568ns6:LeasedAssetsHeldAsLessee2022-04-3004020568ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-05-012023-04-3004020568ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-05-012023-04-3004020568ns6:LeasedAssetsHeldAsLessee2022-05-012023-04-3004020568ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-04-3004020568ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2023-04-3004020568ns6:LeasedAssetsHeldAsLessee2023-04-3004020568ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-04-3004020568ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-04-3004020568ns6:LeasedAssetsHeldAsLessee2022-04-3004020568ns6:WithinOneYearns6:CurrentFinancialInstruments2023-04-3004020568ns6:WithinOneYearns6:CurrentFinancialInstruments2022-04-3004020568ns6:CurrentFinancialInstruments2022-05-012023-04-3004020568ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2023-04-3004020568ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-04-3004020568ns6:DeferredTaxation2022-04-3004020568ns6:OtherProvisionsContingentLiabilities2022-04-3004020568ns6:DeferredTaxation2022-05-012023-04-3004020568ns6:OtherProvisionsContingentLiabilities2022-05-012023-04-3004020568ns6:DeferredTaxation2023-04-3004020568ns6:OtherProvisionsContingentLiabilities2023-04-3004020568ns11:OrdinaryShareClass12023-04-30

REGISTERED NUMBER: 04020568 (England and Wales)
















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 30 April 2023

for


Tay-Dal Surfacing Limited


Tay-Dal Surfacing Limited (Registered number: 04020568)







Contents of the Financial Statements

for the Year Ended 30 April 2023





Page



Company Information  

1



Strategic Report  

2



Report of the Directors  

3



Report of the Independent Auditors  

4



Statement of Income and Retained Earnings  

7



Balance Sheet  

8



Cash Flow Statement  

9



Notes to the Cash Flow Statement  

10



Notes to the Financial Statements

11




Tay-Dal Surfacing Limited


Company Information

for the Year Ended 30 April 2023









DIRECTORS:

W R Dale


K A Taylor


S Dale





SECRETARY:

W R Dale





REGISTERED OFFICE:

Unit D, Devon Suite


Dencora Business Centre


36 Whitehouse Road


Ipswich


Suffolk


IP1 5LT





REGISTERED NUMBER:

04020568 (England and Wales)





SENIOR STATUTORY AUDITOR:

Simon Garner FCA





AUDITORS:

TC Group


Statutory Auditor


11 De Grey Square


De Grey Road


Colchester


Essex


CO4 5YQ


Tay-Dal Surfacing Limited (Registered number: 04020568)


Strategic Report

for the Year Ended 30 April 2023


The directors present their strategic report for the year ended 30 April 2023.


Company Overview:

Tay-dal Surfacing Limited has established a strong foothold in the market, offering high-quality services that prioritize durability, efficiency, and customer satisfaction. With a proven track record of delivering exceptional results, we continue to expand our client base and strengthen our reputation as a trusted industry leader.


PRINCIPAL RISKS AND UNCERTAINTIES

- Market Volatility: Fluctuations in demand for road surfacing services due to economic conditions, government funding, and infrastructure projects could impact revenue streams.

- Supply Chain Disruptions: Dependencies on suppliers for materials like asphalt, concrete, and machinery pose risks of delays or price hikes, affecting project timelines and profitability.

- Regulatory Compliance: Changes in environmental regulations, safety standards, or licensing requirements could lead to additional costs, operational adjustments, or penalties if not adhered to adequately.

- Competition: Intense competition within the road surfacing industry could exert pressure on pricing, margins, and market share, necessitating strategic differentiation and efficiency improvements.

- Technological Advances: Rapid advancements in road surfacing technologies, such as eco-friendly materials or innovative application methods, may require continuous investment in research and development to stay competitive.

- Labour Shortages and Skill Gaps: Difficulty in attracting and retaining skilled labour may impact project execution and quality, leading to increased costs or delays.

- Weather Dependencies: Adverse weather conditions, such as heavy rainfall or extreme temperatures, can disrupt project schedules, extend completion times, and increase operational costs.

- Natural Disasters and Force Majeure Events: Unforeseen events such as pandemics may disrupt operations and pose significant challenges in maintaining business continuity.


REVIEW OF PERFORMANCE

During the review period, Tay-dal Surfacing Limited continued to solidify its position as a leader in the road surfacing industry, achieving client satisfaction and a strong financial performance. The company achieved a growth in revenue of 7.5% when compared to the prior period.


KEY STRATEGIES

- Invest in innovative surfacing technologies to enhance efficiency, durability, and environmental sustainability.

- Embrace advancements such as recycled materials, eco-friendly additives, and automated processes to stay ahead of the competition.

- Forge strategic partnerships with suppliers, contractors, and government agencies to access new markets and project opportunities.

- Implement lean management practices to optimize operational processes and minimize costs without compromising quality.


FINANCIAL OUTLOOK

The company remains financially robust, with steady revenue growth and healthy profit margins. By adhering to prudent financial management principles and making strategic investments in technology, infrastructure, and human capital, we are well-positioned to sustain profitability and drive long-term value for stakeholders.


ON BEHALF OF THE BOARD:






W R Dale - Director



8 March 2024


Tay-Dal Surfacing Limited (Registered number: 04020568)


Report of the Directors

for the Year Ended 30 April 2023


The directors present their report with the financial statements of the company for the year ended 30 April 2023.


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of asphalters.

DIVIDENDS

An interim dividend of £7,000 per share was paid weekly in the year ended 30 April 2023.


DIRECTORS

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


W R Dale

K A Taylor

S Dale


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). 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 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 auditors are aware of that information.

ON BEHALF OF THE BOARD:






W R Dale - Director



8 March 2024


Report of the Independent Auditors to the Members of

Tay-Dal Surfacing Limited


Opinion

We have audited the financial statements of Tay-dal Surfacing Limited (the 'company') for the year ended 30 April 2023 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including 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 30 April 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report 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 directors' report. We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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

Tay-Dal Surfacing 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 an auditor's report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.


Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.


Our approach was as follows:


- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls;

- We reviewed and tested the appropriateness of journals and other adjustments , assessed areas where judgement had been used and tested significant transactions for appropriateness of accounting treatment.


Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.


Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.


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. This description forms part of our Report of the Auditors.


Other matters which we are required to address

The prior period financial statements were not audited.


Report of the Independent Auditors to the Members of

Tay-Dal Surfacing Limited



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 an auditor's report 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.





Simon Garner FCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

11 De Grey Square

De Grey Road

Colchester

Essex

CO4 5YQ


12 March 2024


Tay-Dal Surfacing Limited (Registered number: 04020568)


Statement of Income and Retained Earnings

for the Year Ended 30 April 2023



30.4.23


30.4.22


as restated



Notes

£   

£   



TURNOVER

13,722,182


12,904,521




Cost of sales

11,066,868


10,191,118



GROSS PROFIT

2,655,314


2,713,403




Administrative expenses

1,767,301


1,346,147



888,013


1,367,256




Other operating income

343


4,433



OPERATING PROFIT

6

888,356


1,371,689





Interest payable and similar expenses

7

564


651



PROFIT BEFORE TAXATION

887,792


1,371,038




Tax on profit

8

207,010


264,818



PROFIT FOR THE FINANCIAL YEAR

680,782


1,106,220




Retained earnings at beginning of year  as

previously reported

4,292,598


4,026,916




Dividends

9

(728,000

)

(728,200

)


Prior year adjustment - corrections of

material errors  

10

126,905


14,567




RETAINED EARNINGS AT END OF YEAR

4,372,285


4,419,503




Tay-Dal Surfacing Limited (Registered number: 04020568)


Balance Sheet

30 April 2023



30.4.23

30.4.22



as restated



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

11

-


-



Tangible assets

12

1,129,621


1,344,949



1,129,621


1,344,949




CURRENT ASSETS

Stocks

13

12,053


15,119



Debtors

14

3,171,173


3,044,390



Cash at bank and in hand

3,090,730


2,271,927



6,273,956


5,331,436



CREDITORS

Amounts falling due within one year

15

2,687,887


2,138,672



NET CURRENT ASSETS

3,586,069


3,192,764



TOTAL ASSETS LESS CURRENT

LIABILITIES

4,715,690


4,537,713




PROVISIONS FOR LIABILITIES

17

343,403


118,208



NET ASSETS

4,372,287


4,419,505




CAPITAL AND RESERVES

Called up share capital

18

2


2



Retained earnings

4,372,285


4,419,503



SHAREHOLDERS' FUNDS

4,372,287


4,419,505




The financial statements were approved by the Board of Directors and authorised for issue on 8 March 2024 and were signed on its behalf by:





W R Dale - Director




S Dale - Director



Tay-Dal Surfacing Limited (Registered number: 04020568)


Cash Flow Statement

for the Year Ended 30 April 2023



30.4.23


30.4.22


as restated



Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

1,729,707


1,325,796



Interest element of hire purchase payments

paid

(564

)

(651

)


Tax paid

(50,135

)

(233,032

)


Net cash from operating activities

1,679,008


1,092,113




Cash flows from investing activities

Purchase of tangible fixed assets

(91,134

)

(108,215

)


Sale of tangible fixed assets

21,531


-



Net cash from investing activities

(69,603

)

(108,215

)



Cash flows from financing activities

Capital repayments in year

(64,317

)

(94,621

)


Amount introduced by directors

1,715


200



Amount withdrawn by directors

-


(13

)


Equity dividends paid

(728,000

)

(728,200

)


Net cash from financing activities

(790,602

)

(822,634

)



Increase in cash and cash equivalents

818,803


161,264



Cash and cash equivalents at beginning

of year

2

2,271,927


2,110,663




Cash and cash equivalents at end of year

2

3,090,730


2,271,927




Tay-Dal Surfacing Limited (Registered number: 04020568)


Notes to the Cash Flow Statement

for the Year Ended 30 April 2023


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


30.4.23


30.4.22


as restated


£   

£   



Profit before taxation

887,792


1,371,038




Depreciation charges

288,474


441,909




Profit on disposal of fixed assets

(10,522

)

-



-


14,567




Finance costs

564


651



1,166,308


1,828,165




Decrease/(increase) in stocks

3,066


(10,124

)



Increase in trade and other debtors

(119,804

)

(600,512

)



Increase in trade and other creditors

680,137


108,267




Cash generated from operations

1,729,707


1,325,796




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 30 April 2023


30.4.23


1.5.22

£   

£   



Cash and cash equivalents

3,090,730


2,271,927




Year ended 30 April 2022


30.4.22


1.5.21


as restated


£   

£   



Cash and cash equivalents

2,271,927


2,110,663





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.5.22

Cash flow

At 30.4.23

£   

£   

£   



Net cash



Cash at bank and in hand

2,271,927


818,803


3,090,730



2,271,927


818,803


3,090,730




Debt


Finance leases

(64,317

)

64,317


-



(64,317

)

64,317


-




Total

2,207,610


883,120


3,090,730




Tay-Dal Surfacing Limited (Registered number: 04020568)


Notes to the Financial Statements

for the Year Ended 30 April 2023


1.

STATUTORY INFORMATION



Tay-Dal Surfacing 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 principal place of business is:


4 Olympus Close


Ipswich


Suffolk


IP1 5LJ


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, excluding discounts, rebates, value added tax and other sales taxes.

Where a contract is incomplete at the balance sheet date and the outcome of the contract can be estimated reliably, revenue is recognised by reference to the stage of completion of the contract activity at the reporting end date.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.


Goodwill


Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.  



Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold Property: 5% straight line, land is not depreciated
Improvements to property: 15% on reducing balance
Plant and machinery: 25% on reducing balance and at varying rates on cost
Fixtures and fittings: 25% on reducing balance
Motor vehicles: 25% on reducing balance
Computer equipment: 25% on reducing balance


Stocks

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


Taxation

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


Tay-Dal Surfacing Limited (Registered number: 04020568)


Notes to the Financial Statements - continued

for the Year Ended 30 April 2023


2.

ACCOUNTING POLICIES - continued


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.


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.


Retentions


Retentions have been recognised according to the amounts expected to be received by the company after deducting any costs likely to be incurred in recovering such amounts.


3.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY


In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

During the year the following estimates were required.

Key sources of estimation uncertainty

Depreciation: the charge in respect of depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The estimates are based on historical experience of the useful life of similar assets.

Recognition of income from retentions: In common with many businesses in the construction sector, many of the company's customers retain a proportion of sales revenue for a period of at least twelve months in case remedial work is required. The company recognises these retentions based on their expectation of recovery of the amounts using experience gained from previous periods. At the balance sheet date the company has recognised retentions amounting to £102,656 (2022: £156,673) and these amounts are included in debtors.

4.

EMPLOYEES AND DIRECTORS


30.4.23


30.4.22


as restated


£   

£   



Wages and salaries

1,822,819


1,698,250




Social security costs

196,491


185,230




Other pension costs

45,014


42,691



2,064,324


1,926,171




Tay-Dal Surfacing Limited (Registered number: 04020568)


Notes to the Financial Statements - continued

for the Year Ended 30 April 2023


4.

EMPLOYEES AND DIRECTORS - continued



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


30.4.23


30.4.22


as restated




Directors

3


4




Direct Labour

31


30




Administration

7


6



41


40




5.

DIRECTORS' EMOLUMENTS


30.4.23


30.4.22


as restated


£   

£   



Directors' remuneration

113,516


162,566





Benefit in Kind:


Wayne Dale: private medical treatment or insurance £1,784


Kevin Taylor: private medical treatment or insurance £1,784


Shane Dale: private medical treatment or insurance £927




Company contribution to pension:


Shane Dale: £1,320.84


6.

OPERATING PROFIT



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



30.4.23


30.4.22


as restated


£   

£   



Hire of plant and machinery

388,457


209,628




Other operating leases

1,050


1,050




Depreciation - owned assets

221,809


375,242




Depreciation - assets on hire purchase contracts

66,665


66,667




Profit on disposal of fixed assets

(10,522

)

-




Auditors' remuneration

11,000


-




7.

INTEREST PAYABLE AND SIMILAR EXPENSES



30.4.23


30.4.22


as restated


£   

£   



Hire purchase

564


651




8.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


30.4.23


30.4.22


as restated


£   

£   



Current tax:


UK corporation tax

204,143


319,657





Deferred tax

2,867


(54,839

)



Tax on profit

207,010


264,818




Tay-Dal Surfacing Limited (Registered number: 04020568)


Notes to the Financial Statements - continued

for the Year Ended 30 April 2023


8.

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:



30.4.23


30.4.22


as restated


£   

£   



Profit before tax

887,792


1,371,038




Profit multiplied by the standard rate of corporation tax in the UK of

19.493% (2022 - 19%)  

173,057


260,497





Effects of:


Expenses not deductible for tax purposes

1,467


3,447




Depreciation in excess of capital allowances

32,122


52,945




Profit on disposal of assets  

(2,051

)

-




Tax related to R&D  

(452

)

-




Deferred tax  

2,867


(54,839

)



Adjustment related to prior year adjustment to opening reserves

-


2,768




Total tax charge

207,010


264,818




The tax assessed for the year is higher than the standard rate of corporation tax in the United Kingdom at 19.493% which consists of: 19% for 335 days of the year and 25% for 30 days of the year

9.

DIVIDENDS


30.4.23


30.4.22


as restated


£   

£   



Ordinary shares of 1 each


Interim

728,000


728,200




10.

PRIOR YEAR ADJUSTMENT


The company has changed its policy for the recognition of income relating to retentions. Retentions have been recognised according to the amounts expected to be received by the company after deducting any costs likely to be incurred in recovering such amounts.
The change has been implemented as the directors believe this provides a more true and fair recognition of the income.
The effect of the change in policy is to reduce revenue for the period by £54,017 and increase debtors by £102,656 and opening reserves by £156,653. The effect on the prior accounting period is to increase revenue by £142,106, debtors by £156,653 and opening reserves by £14,567.

11.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 May 2022


and 30 April 2023

60,000




AMORTISATION


At 1 May 2022


and 30 April 2023

60,000




NET BOOK VALUE


At 30 April 2023

-




At 30 April 2022

-




Tay-Dal Surfacing Limited (Registered number: 04020568)


Notes to the Financial Statements - continued

for the Year Ended 30 April 2023


12.

TANGIBLE FIXED ASSETS


Improvements



Freehold


to


Plant and


property


property


machinery

£   

£   

£   



COST


At 1 May 2022

450,077


120,186


1,402,017




Additions

-


-


79,344




Disposals

-


-


-




At 30 April 2023

450,077


120,186


1,481,361




DEPRECIATION


At 1 May 2022

-


81,507


812,802




Charge for year

-


5,802


220,885




Eliminated on disposal

-


-


-




At 30 April 2023

-


87,309


1,033,687




NET BOOK VALUE


At 30 April 2023

450,077


32,877


447,674




At 30 April 2022

450,077


38,679


589,215





Fixtures



and


Motor


Computer



fittings


vehicles


equipment


Totals

£   

£   

£   

£   



COST


At 1 May 2022

6,482


883,787


55,530


2,918,079




Additions

-


-


4,811


84,155




Disposals

-


(26,097

)

-


(26,097

)



At 30 April 2023

6,482


857,690


60,341


2,976,137




DEPRECIATION


At 1 May 2022

5,638


640,051


33,132


1,573,130




Charge for year

211


54,435


7,141


288,474




Eliminated on disposal

-


(15,088

)

-


(15,088

)



At 30 April 2023

5,849


679,398


40,273


1,846,516




NET BOOK VALUE


At 30 April 2023

633


178,292


20,068


1,129,621




At 30 April 2022

844


243,736


22,398


1,344,949




Tay-Dal Surfacing Limited (Registered number: 04020568)


Notes to the Financial Statements - continued

for the Year Ended 30 April 2023


12.

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 May 2022

200,000


(1

)

199,999




Disposals

-


1


1




At 30 April 2023

200,000


-


200,000




DEPRECIATION


At 1 May 2022

133,335


-


133,335




Charge for year

66,665


-


66,665




At 30 April 2023

200,000


-


200,000




NET BOOK VALUE


At 30 April 2023

-


-


-




At 30 April 2022

66,665


-


66,665




13.

STOCKS


30.4.23


30.4.22


as restated


£   

£   



Stocks

12,053


10,987




Work-in-progress

-


4,132



12,053


15,119




14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.4.23


30.4.22


as restated


£   

£   



Trade debtors

2,854,209


2,715,571




VAT

209,782


240,575




Prepayments and accrued income

107,182


88,244



3,171,173


3,044,390




15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.4.23


30.4.22


as restated


£   

£   



Hire purchase contracts  (see note 16)

-


64,317




Trade creditors

2,088,798


1,692,764




Tax

473,562


319,554




Social security and other taxes

59,888


56,974




Childcare Voucher

436


-




Directors' loan accounts

1,902


187




Accruals and deferred income

63,301


4,876



2,687,887


2,138,672




The liabilities under HP agreements are secured on the asset being financed.


Tay-Dal Surfacing Limited (Registered number: 04020568)


Notes to the Financial Statements - continued

for the Year Ended 30 April 2023


16.

LEASING AGREEMENTS



Minimum lease payments under hire purchase fall due as follows:



30.4.23


30.4.22



as restated


£   

£   



Net obligations repayable:


Within one year

-


64,317




17.

PROVISIONS FOR LIABILITIES


30.4.23


30.4.22


as restated


£   

£   



Deferred tax

121,075


118,208




Other provisions

222,328


-



343,403


118,208





Deferred


Other



tax


provisions


£   

£   



Balance at 1 May 2022

118,208


-




Provided during year

2,867


222,328




Balance at 30 April 2023

121,075


222,328




Other provisions:
The above amounts have been provided in respect of potential penalties and interest payable by the company in respect of a recent determination. The provision is the maximum amount likely to be settled, but negotiations to reduce the amount are ongoing.

18.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

30.4.23


30.4.22


value:


as restated


£   

£   



2

Ordinary

1

2


2