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Company No: 04503836 (England and Wales)

TOTAL ALUMINIUM SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

TOTAL ALUMINIUM SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

TOTAL ALUMINIUM SYSTEMS LIMITED

BALANCE SHEET

As at 31 August 2023
TOTAL ALUMINIUM SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 24,516 34,381
24,516 34,381
Current assets
Stocks 5 152,052 86,155
Debtors 6 478,541 469,215
Cash at bank and in hand 33,644 84,606
664,237 639,976
Creditors: amounts falling due within one year 7 ( 343,211) ( 290,475)
Net current assets 321,026 349,501
Total assets less current liabilities 345,542 383,882
Creditors: amounts falling due after more than one year 8 ( 17,500) ( 27,500)
Provision for liabilities ( 5,675) ( 8,421)
Net assets 322,367 347,961
Capital and reserves
Called-up share capital 100 100
Profit and loss account 322,267 347,861
Total shareholders' funds 322,367 347,961

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Total Aluminium Systems Limited (registered number: 04503836) were approved and authorised for issue by the Director on 04 April 2024. They were signed on its behalf by:

C D Milsted
Director
R G Clasby
Director
TOTAL ALUMINIUM SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
TOTAL ALUMINIUM SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Total Aluminium Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The present address of the Company's registered office is as follows: Nicolle House, Livingstone Way, Bindon Road, Taunton, TA2 6BD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Total Aluminium Systems Limited is considered to be in sterling (£) because that is the currency of the primary economic environment in which the Company operates.

Turnover

Turnover comprises the fair value of the consideration receivable for the sale and fitting of aluminium glazing systems in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity;
Specific criteria have been met for each of the company's activities.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current tax charge is calculated using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 4 years straight line
Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and business, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off by the amortisation method aforementioned above.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life.

Plant and machinery 25 % reducing balance
Vehicles 6.67 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade and other debtors

Trade debtors are amounts due from customers for the sale and fitting of aluminium glazing systems, in the ordinary course of business.

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 13

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2022 210,000 210,000
At 31 August 2023 210,000 210,000
Accumulated amortisation
At 01 September 2022 210,000 210,000
At 31 August 2023 210,000 210,000
Net book value
At 31 August 2023 0 0
At 31 August 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 September 2022 98,538 67,730 166,268
Additions 8,096 0 8,096
Disposals ( 6,783) 0 ( 6,783)
At 31 August 2023 99,851 67,730 167,581
Accumulated depreciation
At 01 September 2022 68,838 63,049 131,887
Charge for the financial year 8,193 4,681 12,874
Disposals ( 1,696) 0 ( 1,696)
At 31 August 2023 75,335 67,730 143,065
Net book value
At 31 August 2023 24,516 0 24,516
At 31 August 2022 29,700 4,681 34,381

5. Stocks

2023 2022
£ £
Raw materials 27,061 25,189
Work in progress 124,991 60,966
152,052 86,155

6. Debtors

2023 2022
£ £
Trade debtors 261,900 237,626
Amounts owed by Group undertakings 154,700 145,685
Other debtors 61,941 85,904
478,541 469,215

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 163,927 156,473
CIS withheld 1,024 0
Taxation and social security 56,602 39,295
Other creditors 111,658 84,707
343,211 290,475

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 17,500 27,500

There are no amounts included above in respect of which any security has been given by the small entity.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 36,000 36,000
between one and five years 108,000 144,000
144,000 180,000

10. Ultimate controlling party

Parent Company:

Total Aluminium Holdings Limited
Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX