Company registration number 02458917 (England and Wales)
TPT FIRE MAINTENANCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
TPT FIRE MAINTENANCE LIMITED
COMPANY INFORMATION
Directors
Mr G E Richards
Mr R F Thompson
Mr S J Thompson
Secretary
Mr S J Thompson
Ms S A Thompson
Company number
02458917
Registered office
Avocet House
Aviary Court
Wade Road
Basingstoke
Hampshire
RG24 8PE
Auditor
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
TPT FIRE MAINTENANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
TPT FIRE MAINTENANCE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
457,986
312,874
Current assets
Stocks
11,234
-
Debtors
5
1,096,039
1,052,669
Cash at bank and in hand
193,681
195,413
1,300,954
1,248,082
Creditors: amounts falling due within one year
6
(1,058,022)
(1,096,726)
Net current assets
242,932
151,356
Total assets less current liabilities
700,918
464,230
Creditors: amounts falling due after more than one year
7
(257,840)
(170,425)
Provisions for liabilities
(94,541)
(30,836)
Net assets
348,537
262,969
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
348,337
262,769
Total equity
348,537
262,969
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 March 2024 and are signed on its behalf by:
Mr S J Thompson
Director
Company registration number 02458917 (England and Wales)
TPT FIRE MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
TPT Fire Maintenance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Avocet House, Aviary Court, Wade Road, Basingstoke, Hampshire, RG24 8PE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied, net of discounts and Value Added Tax.
Commission income is earned from other companies within the TPT group based on a 3% share of income earned from customers introduced by TPT Fire Maintenance Ltd. This income is recognised on a monthly basis in arrears, as invoices are raised to customers.
Revenue from the sale of services is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on completion of maintenance works on site, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
30% straight line
Office Equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
TPT FIRE MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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 debtors 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.
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
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TPT FIRE MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
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.
TPT FIRE MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
45
36
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Office Equipment
Total
£
£
£
£
£
£
Cost
At 1 September 2022
29,409
62,977
31,786
600,258
2,549
726,979
Additions
1,902
142
16,338
348,405
366,787
Disposals
(99,336)
(99,336)
At 31 August 2023
31,311
63,119
48,124
849,327
2,549
994,430
Depreciation and impairment
At 1 September 2022
18,294
58,920
17,953
316,389
2,549
414,105
Depreciation charged in the year
4,091
1,617
8,663
188,838
203,209
Eliminated in respect of disposals
(80,870)
(80,870)
At 31 August 2023
22,385
60,537
26,616
424,357
2,549
536,444
Carrying amount
At 31 August 2023
8,926
2,582
21,508
424,970
457,986
At 31 August 2022
11,115
4,057
13,833
283,869
312,874
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,008,911
1,017,246
Amounts owed by group undertakings
31,609
Other debtors
55,519
35,423
1,096,039
1,052,669
TPT FIRE MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
338,448
480,616
Amounts owed to group undertakings
36,037
49,012
Taxation and social security
98,695
127,210
Other creditors
584,842
439,888
1,058,022
1,096,726
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
257,840
170,425
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Timothy Neale
Statutory Auditor:
Kirk Rice LLP
Date of audit report:
11 March 2024
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,900
29,852
10
Parent company
The ultimate parent company is TPT Fire Systems Group Ltd (Co Reg 05189142) whose registered office is Avocet House, Aviary Court, Wade Road, Basingstoke, Hampshire, RG24 8PE.
11
Prior period adjustment
Commission income received from another group company has been reclassified from other operating income to turnover in order to better reflect the nature of the transactions. This has had no impact on profit or equity for the period.