REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2024 |
for |
Touchline Fabrications Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2024 |
for |
Touchline Fabrications Limited |
Touchline Fabrications Limited (Registered number: 02810944) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Touchline Fabrications Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Suites 5 & 6 The Printworks |
Hey Road |
Barrow |
Clitheroe |
Lancashire |
BB7 9WB |
Touchline Fabrications Limited (Registered number: 02810944) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | 913,246 | 1,267,304 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Touchline Fabrications Limited (Registered number: 02810944) |
Balance Sheet - continued |
31 January 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Touchline Fabrications Limited (Registered number: 02810944) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Touchline Fabrications Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and profit recognition |
Turnover comprises the value of work performed, goods sold and services provided excluding Value Added Tax. Amounts in respect of contracts included in turnover, net of payments received on account, are shown in debtors as amounts recoverable on contracts. Cash received in excess of the value of work done is shown in creditors as payments on account. An appropriate proportion of the anticipated contract profit is recognised in the profit and loss account based on the stage of completion of the work and the expected end of life outcome. Provision is made for anticipated contract losses. Pre-contract costs incurred before it is virtually certain that a contract will be awarded are charged to the profit and loss account. Once virtually certain of contract award, costs are held as amounts recoverable on contracts and form part of the accounting for the contract as a whole. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 Statement of Income and Retained Earnings, 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. |
Touchline Fabrications Limited (Registered number: 02810944) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
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 |
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 the profit and loss account in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Touchline Fabrications Limited (Registered number: 02810944) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | STOCKS |
31.1.24 | 31.1.23 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
VAT |
Prepayments |
Touchline Fabrications Limited (Registered number: 02810944) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Accrued expenses |
8. | PROVISIONS FOR LIABILITIES |
31.1.24 | 31.1.23 |
£ | £ |
Deferred tax | 32,560 | 25,285 |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Charge to Statement of Income and Retained Earnings during year |
Balance at 31 January 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary | £0.01 | 100 | 100 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 | 1,267,304 |
Profit for the year |
Capital contribution to EOT | (1,132,000 | ) |
At 31 January 2024 |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
Touchline Fabrications Limited (Registered number: 02810944) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
12. | SHARE-BASED PAYMENT TRANSACTIONS |
An option to purchase up to a total of 2500 A Ordinary shares at an exercise price of £18.51 a share is held by two employees. The option can only be exercised at the earlier of |
1. an offer is made to purchase the issued share capital of the Company |
2. the deferred consideration is repaid in full |
3. 27 November 2025 |