Tannertip Ltd 03959381 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is that of a tanning studio. Digita Accounts Production Advanced 6.30.9574.0 true true 03959381 2022-08-01 2023-07-31 03959381 2023-07-31 03959381 bus:OrdinaryShareClass1 2023-07-31 03959381 core:CurrentFinancialInstruments 2023-07-31 03959381 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03959381 core:Non-currentFinancialInstruments 2023-07-31 03959381 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 03959381 core:MoreThanFiveYears 1 2023-07-31 03959381 core:FurnitureFittingsToolsEquipment 2023-07-31 03959381 core:LandBuildings 2023-07-31 03959381 core:OtherPropertyPlantEquipment 2023-07-31 03959381 1 2023-07-31 03959381 bus:SmallEntities 2022-08-01 2023-07-31 03959381 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03959381 bus:FullAccounts 2022-08-01 2023-07-31 03959381 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03959381 bus:RegisteredOffice 2022-08-01 2023-07-31 03959381 bus:CompanySecretaryDirector1 2022-08-01 2023-07-31 03959381 bus:Director3 2022-08-01 2023-07-31 03959381 bus:Director5 2022-08-01 2023-07-31 03959381 bus:Director6 2022-08-01 2023-07-31 03959381 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 03959381 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03959381 core:FurnitureFittings 2022-08-01 2023-07-31 03959381 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 03959381 core:LandBuildings 2022-08-01 2023-07-31 03959381 core:LeaseholdImprovements 2022-08-01 2023-07-31 03959381 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 03959381 core:PlantMachinery 2022-08-01 2023-07-31 03959381 1 2022-08-01 2023-07-31 03959381 countries:AllCountries 2022-08-01 2023-07-31 03959381 2022-07-31 03959381 core:FurnitureFittingsToolsEquipment 2022-07-31 03959381 core:LandBuildings 2022-07-31 03959381 core:OtherPropertyPlantEquipment 2022-07-31 03959381 2021-08-01 2022-07-31 03959381 2022-07-31 03959381 bus:OrdinaryShareClass1 2022-07-31 03959381 core:CurrentFinancialInstruments 2022-07-31 03959381 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 03959381 core:Non-currentFinancialInstruments 2022-07-31 03959381 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 03959381 core:MoreThanFiveYears 1 2022-07-31 03959381 core:FurnitureFittingsToolsEquipment 2022-07-31 03959381 core:LandBuildings 2022-07-31 03959381 core:OtherPropertyPlantEquipment 2022-07-31 03959381 1 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03959381

Tannertip Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Tannertip Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Tannertip Ltd

Company Information

Directors

Mr S A Hill

Mrs JA Hill

Mrs L Edwards

Mrs D Houghton

Company secretary

Mr S A Hill

Registered office

The Sun Studio
7 Wordsley Green Shopping Centre
Wordsley
Stourbridge
West Midlands
DY8 5PD

Accountants

CLG Accountants & Business Advisors
Hagley Road Business Hub
8 Hagley Road
Stourbridge
West Midlands
DY8 1PS

 

Tannertip Ltd

(Registration number: 03959381)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,243

15,837

Current assets

 

Stocks

5

555

370

Debtors

6

1,137

1,237

Cash at bank and in hand

 

1,152

8,343

 

2,844

9,950

Creditors: Amounts falling due within one year

7

(12,365)

(14,089)

Net current liabilities

 

(9,521)

(4,139)

Total assets less current liabilities

 

3,722

11,698

Creditors: Amounts falling due after more than one year

7

(17,705)

(16,242)

Net liabilities

 

(13,983)

(4,544)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(14,083)

(4,644)

Shareholders' deficit

 

(13,983)

(4,544)

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

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 April 2024 and signed on its behalf by:
 

 

Tannertip Ltd

(Registration number: 03959381)
Balance Sheet as at 31 July 2023

.........................................
Mr S A Hill
Company secretary and director

.........................................
Mrs D Houghton
Director

 

Tannertip Ltd

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

1

General information

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

The address of its registered office is:
The Sun Studio
7 Wordsley Green Shopping Centre
Wordsley
Stourbridge
West Midlands
DY8 5PD

The principal place of business is:
The Sun Studio
7 Wordsley Green Shopping Centre
Wordsley
Stourbridge
West Midlands
DY8 5PD

These financial statements were authorised for issue by the Board on 17 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including 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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis with the Directors having commited their financial support for the foreseeable future and having given due consideration to the impact of Brexit and Covid-19. They have concluded that neither the Company's ability to trade nor the value of its aseets will be significantly impaired

 

Tannertip Ltd

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

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 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;
and specific criteria have been met for each of the company's activities.

Government grants

Government revenue grants are recognised in the financial statements as other operating income in the period in which they are received. Any related expenditure is also recognised in the same period but is not offset but recognised separately withn the profit and loss account.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive 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 balance sheet 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

Land and buildings

10% on reducing balance

Other tangible assets

10% on reducing balance

Furniture, fittings and equipment

10% on reducing balance

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.

 

Tannertip Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Tannertip Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

Tannertip Ltd

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

18,469

27,878

109,216

155,563

At 31 July 2023

18,469

27,878

109,216

155,563

Depreciation

At 1 August 2022

16,270

26,445

97,011

139,726

Charge for the year

548

212

1,834

2,594

At 31 July 2023

16,818

26,657

98,845

142,320

Carrying amount

At 31 July 2023

1,651

1,221

10,371

13,243

At 31 July 2022

2,199

1,433

12,205

15,837

Included within the net book value of land and buildings above is £1,651 (2022 - £2,199) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

555

370

6

Debtors

2023
£

2022
£

Prepayments

1,137

1,237

1,137

1,237

 

Tannertip Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

2,070

4,722

Trade creditors

 

3,588

2,798

Taxation and social security

 

5,767

5,923

Accruals and deferred income

 

421

199

Other creditors

 

519

447

 

12,365

14,089

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

17,705

16,242

2023
£

2022
£

Due after more than five years

After more than five years by instalments

2,637

-

-

-

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £10,500 (2022 - £10,500).

 

Tannertip Ltd

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

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,705

16,242

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,070

4,722

Bank borrowings

HSBC Bounce Back Loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 23 May 2030. The carrying amount at year end is £19,775 (2022 - £20,964).

The Loan is supported by the Bounce Back Loan Scheme, managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.


 

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

HSBC Bounce Back Loan of £5,756 (2022 - £8,821)