REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 April 2023 |
for |
Tay-Dal Surfacing Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditor |
11 De Grey Square |
De Grey Road |
Colchester |
Essex |
CO4 5YQ |
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 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
888,013 | 1,367,256 |
Other operating income |
OPERATING PROFIT | 6 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year as previously reported |
Dividends | 9 | ( | ) | ( | ) |
Prior year adjustment - corrections of material errors | 10 | 126,905 | 14,567 |
RETAINED EARNINGS AT END OF YEAR |
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 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 4,419,503 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Interest element of hire purchase payments paid | ( | ) | ( | ) |
Tax paid | ( | ) | ( | ) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( | ) | ( | ) |
Sale of tangible fixed assets |
Net cash from investing activities | ( | ) | ( | ) |
Cash flows from financing activities |
Capital repayments in year | ( | ) | ( | ) |
Amount introduced by directors | 1,715 | 200 |
Amount withdrawn by directors | - | (13 | ) |
Equity dividends paid | ( | ) | ( | ) |
Net cash from financing activities | ( | ) | ( | ) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year | 2 | 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 |
Depreciation charges |
Profit on disposal of fixed assets | ( | ) |
- | 14,567 |
Finance costs | 564 | 651 |
1,166,308 | 1,828,165 |
Decrease/(increase) in stocks | ( | ) |
Increase in trade and other debtors | ( | ) | ( | ) |
Increase in trade and other creditors |
Cash generated from operations |
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 | 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 |
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 |
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 |
Social security costs |
Other pension costs |
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 |
5. | DIRECTORS' EMOLUMENTS |
30.4.23 | 30.4.22 |
as restated |
£ | £ |
Directors' remuneration |
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 |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( | ) |
Auditors' remuneration |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.23 | 30.4.22 |
as restated |
£ | £ |
Hire purchase |
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 |
Deferred tax | ( | ) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
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 |
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 |
AMORTISATION |
At 1 May 2022 |
and 30 April 2023 |
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 |
Additions |
Disposals |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( | ) | ( | ) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
At 30 April 2023 |
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 - 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 | ( | ) |
Disposals |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 | - | 66,665 |
13. | STOCKS |
30.4.23 | 30.4.22 |
as restated |
£ | £ |
Stocks |
Work-in-progress |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
as restated |
£ | £ |
Trade debtors |
VAT |
Prepayments and accrued income |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
as restated |
£ | £ |
Hire purchase contracts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
Childcare Voucher | 436 | - |
Directors' loan accounts | 1,902 | 187 |
Accruals and deferred income |
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 |
17. | PROVISIONS FOR LIABILITIES |
30.4.23 | 30.4.22 |
as restated |
£ | £ |
Deferred tax | 121,075 | 118,208 |
Other provisions | 222,328 | - |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 May 2022 |
Provided during year |
Balance at 30 April 2023 |
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 |
£ | £ |
Ordinary | 1 | 2 | 2 |