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Registration number: 09886183

TLF Services Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

TLF Services Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

36,000

45,000

Tangible assets

5

230,280

172,831

 

266,280

217,831

Current assets

 

Debtors

6

388,099

259,524

Cash at bank and in hand

 

-

31,788

 

388,099

291,312

Creditors: Amounts falling due within one year

7

(141,859)

(29,811)

Net current assets

 

246,240

261,501

Total assets less current liabilities

 

512,520

479,332

Creditors: Amounts falling due after more than one year

7

(76,606)

(27,028)

Provisions for liabilities

(57,570)

(43,208)

Net assets

 

378,344

409,096

Capital and reserves

 

Called up share capital

100

100

Retained earnings

378,244

408,996

Shareholders' funds

 

378,344

409,096

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

TLF Services Limited

Statement of Financial Position as at 31 March 2023

Approved and authorised by the director on 16 April 2024
 

.........................................

Mr J A Kemp

Director

Company registration number: 09886183

 

TLF Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Yard, Dyke's Farm Bungalow
Ewhurst Green
Robertsbridge
East Sussex
TN32 5RJ

The principal activity of the company is that of silviculture and other forestry activities.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 March 2023 and had net assets at that date amounting to £378,344.

Having made sufficient enquires, and based upon the above, the director has a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue from services over the period in which the services are provided and from the sale of materials on the date the goods are delivered to customers.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

 

TLF Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

4 years straight line

Motor vehicles

5 years straight line

Fixtures, fittings and equipment

3 years straight line & 4 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

TLF Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Finance leases and hire purchase

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified 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

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

TLF Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company during the year was 8 (2022 - 8).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

50,000

50,000

At 31 March 2023

50,000

50,000

Amortisation

At 1 April 2022

5,000

5,000

Amortisation charge

9,000

9,000

At 31 March 2023

14,000

14,000

Carrying amount

At 31 March 2023

36,000

36,000

At 31 March 2022

45,000

45,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

10,916

16,273

292,865

320,054

Additions

6,675

43,750

98,238

148,663

Disposals

-

-

(1,182)

(1,182)

At 31 March 2023

17,591

60,023

389,921

467,535

Depreciation

At 1 April 2022

9,024

6,562

131,637

147,223

Charge for the year

2,176

5,930

81,926

90,032

At 31 March 2023

11,200

12,492

213,563

237,255

Carrying amount

At 31 March 2023

6,391

47,531

176,358

230,280

At 31 March 2022

1,892

9,711

161,228

172,831

 

TLF Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

222,930

80,196

Other debtors

165,169

179,328

388,099

259,524

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

8

71,908

14,363

Trade creditors

 

48,017

758

Taxation and social security

 

7,478

-

Accruals and deferred income

 

5,650

6,308

Other creditors

 

8,806

8,382

 

141,859

29,811

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

8

76,606

27,028

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

44,934

-

Hire purchase liabilities

26,974

14,363

71,908

14,363

Non-current loans and borrowings

2023
£

2022
£

Hire purchase liabilities

76,606

27,028

Amounts due under hire purchase contracts are secured on the assets involved.

 

TLF Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £146,061 (2022 - £240,794).