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Registered number: 07033652









TANGI-FLOW PRODUCTS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
TANGI-FLOW PRODUCTS LIMITED
REGISTERED NUMBER: 07033652

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
39,773
39,999

Debtors: amounts falling due within one year
 5 
55,395
67,219

Cash at bank and in hand
 6 
11,348
11,541

  
106,516
118,759

Creditors: amounts falling due within one year
 7 
(49,582)
(58,533)

Net current assets
  
 
 
56,934
 
 
60,226

Total assets less current liabilities
  
56,934
60,226

Creditors: amounts falling due after more than one year
 8 
(16,666)
(26,667)

  

Net assets
  
40,268
33,559


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
 10 
40,168
33,459

  
40,268
33,559


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 April 2024.




O A Coyne
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
TANGI-FLOW PRODUCTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2022
100
33,459
33,559


Comprehensive income for the year

Profit for the year

-
6,709
6,709
Total comprehensive income for the year
-
6,709
6,709


At 30 September 2023
100
40,168
40,268


The notes on pages 3 to 7 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2021
100
28,134
28,234


Comprehensive income for the year

Profit for the year

-
5,325
5,325
Total comprehensive income for the year
-
5,325
5,325


At 30 September 2022
100
33,459
33,559


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
TANGI-FLOW PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Tangi-Flow Products Limited is a private company, limited by shares, registered in England and Wales,
with a registration number 07033652. The registered office is Haslers, Old Station Road, Loughton,
Essex, IG10 4PL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  
2.3

Government grants

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same
period as the related expenditure.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
TANGI-FLOW PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:


The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 4

 
TANGI-FLOW PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Stocks

2023
2022
£
£

Finished goods and goods for resale
39,773
39,999

39,773
39,999



5.


Debtors

2023
2022
£
£


Trade debtors
34,062
37,886

Amounts owed by group undertakings
21,333
29,333

55,395
67,219


Page 5

 
TANGI-FLOW PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,348
11,541

11,348
11,541



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
30,380
32,245

Corporation tax
1,867
1,249

Other taxation and social security
4,616
7,713

Accruals and deferred income
2,719
7,326

49,582
58,533



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
16,666
26,667

16,666
26,667



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 6

 
TANGI-FLOW PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other
adjustments.


11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £1,718 (2022: £1,729).
No contributions (2022: £Nil) were payable to the fund at the balance sheet date.


12.


Controlling party

The immediate parent company is Wickman Coventry Limited, a company incorporated in England and
Wales.
The ultimate parent company is TAJMAC MTM S.p.a., a company incorporated in Italy.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 29 April 2024 by Christina Georgiou (Senior Statutory Auditor) on behalf of Haslers.

 
Page 7