REGISTERED NUMBER: 12596984 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Period |
1 June 2022 to 31 October 2023 |
for |
Tenby Holdings Limited |
REGISTERED NUMBER: 12596984 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Period |
1 June 2022 to 31 October 2023 |
for |
Tenby Holdings Limited |
Tenby Holdings Limited (Registered number: 12596984) |
Contents of the Consolidated Financial Statements |
for the Period 1 June 2022 to 31 October 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
Tenby Holdings Limited |
Company Information |
for the Period 1 June 2022 to 31 October 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
Alexandra House |
43 Alexandra St |
Nottingham |
Nottinghamshire |
NG5 1AY |
Tenby Holdings Limited (Registered number: 12596984) |
Group Strategic Report |
for the Period 1 June 2022 to 31 October 2023 |
The director presents the Strategic Report of Tenby Holdings Limited and its subsidiaries (the 'group') for the 17 months ended 31st October 2023. |
REVIEW OF BUSINESS |
The Group had a successful period, with turnover rising to £27,020,348 (2022: £13,236,163) and profit before tax of £2,520,925 (2022: £191,026). |
Tenby Holdings Limited is the ultimate holding company for Solar Fabrications Holdings Limited which in turn is the holding company for four subsidiary companies, three of which act as trading companies with principal operations within the glazing industry. As a company, Tenby has seen an increase in profitability with the sale of significant assets. The realisation of the value of these assets has improved the balance sheet and strengthened the Group in preparation for growth and expansion. |
Solar Calibre Doors Limited |
The company is a manufacturer of GRP and timber doors for the trade, new build and local authority markets. The difficult trading environment in 2023 has affected the company's volume and margins, resulting in a pre-tax loss for the period of £208,477 (2022: £280,466 loss). |
Actions taken by management during 2024 has resulted in an improved financial performance, and the business is now at a breakeven position, with new work being won. |
Solar Norvik Limited |
The company is an installer of the Group's window and door components into the new build housing sector. The company has achieved growth through delivering excellent service, quality and flexibility to the developer customers. Reputation is building positively with referrals and repeat business contributing to sustained growth. |
Turnover increased to £6,784,566 (2022: £2,897,361). Pre-tax profits were £31,303 (2022: £87,033). |
It is intended during 2024 to consolidate on the turnover gains of 2023, continue to provide high service levels, and achieve a sustainable level of profitability. This is proving to be successful, with a greater concentration on the company cashflow and margins. |
Market conditions are set to improve with the newly elected government pledging to build more homes. |
Taylor Manufacturing Limited |
The company is a manufacturer of window and door products for the trade and new build markets. Its main operation has become to produce products for Solar Norvik Limited and therefore sales revenue is derived from this sector. Revenue is also derived from the production of window and door products for a partner business. However, since this work is mostly trade it has been adversely affected by a downturn in the market. The company cannot directly influence this element of the business and as such it presents a risk. The impact of Solar Norvik's considerable growth has led to a significant increase in turnover for Taylor Manufacturing Limited, despite the downturn of sales to our partner business in the trade market. |
In order to ensure the continued growth of Taylor Manufacturing the company is seeking additional sales and diversifying into other market sectors. This activity as well as an improvement in the market conditions will help the company in the medium-term. |
Tenby Holdings Limited (Registered number: 12596984) |
Group Strategic Report |
for the Period 1 June 2022 to 31 October 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
A risk management process is fundamental to the Group, with major risks identified and mitigated. |
The major risks and uncertainties for the group are:- |
- Effectiveness of the Supply Chain |
The group is dependent on a relatively small number of suppliers for key materials in the manufacture of certain products. Should there, for any reason, be an interruption in supply, production of the group's products could be delayed. The group endeavours not to rely on specific supply chains. |
- Increased Raw Material and Utility prices that cannot be recovered from the customers |
Prices are carefully monitored, and alternative sources maintained, to ensure pricing remains competitive. |
- Current Conflicts around the World |
These can lead to supply shortages, increased transport cost, and higher material prices, which in turn lead to lower customer demand. |
- UK Economic Market Conditions |
The Group is dependent on the UK market, which entered into recession at the end of 2023. Conditions remain challenging in 2024 for the construction Industry, which is an important market for the Group's products. |
KEY PERFORMANCE INDICATORS |
Tenby Holdings Limited consolidated performance is reported as: |
2023 2022 |
Turnover £27,020,348 £13,236,163 |
Profit before tax £2,520,925 £191,026 |
Group cash balances £1,396,791 £520,608 |
The Group is committed to: |
- Paying its supply chain on time, with suppliers paid on or before their due dates |
- High service levels to its customers. |
These commitments are closely monitored. |
ON BEHALF OF THE BOARD: |
Tenby Holdings Limited (Registered number: 12596984) |
Report of the Director |
for the Period 1 June 2022 to 31 October 2023 |
The director presents his report with the financial statements of the company and the group for the period 1 June 2022 to 31 October 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the period under review was that of operating as a holding company in support of its subsidiaries. The group manufactures uPVC windows and doors, GRP and timber doors and fabricates the Warmcore range of products. |
DIVIDENDS |
No dividends will be distributed for the period ended 31 October 2023. |
DIRECTOR |
PROFESSIONAL INDEMNITY INSURANCE |
The group takes out indemnity insurance on behalf of the director. |
DISCLOSURE IN THE STRATEGIC REPORT |
The director has prepared a review of the business, together with a summary of the principal risks and uncertainties affecting the company and group, and these are detailed within the Strategic Report. The report includes an explanation of the company and group's financial risk management policies. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Tenby Holdings Limited |
Opinion |
We have audited the financial statements of Tenby Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 October 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the period 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Tenby Holdings Limited |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
Our approach included obtaining an understanding of the legal and regulatory frameworks that are applicable to the company and we determined those that are most significant. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims. |
In addition, and based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Other matter |
The comparative year financial statements were not subject to audit on the grounds that the group and company qualified as small at that time. |
Report of the Independent Auditors to the Members of |
Tenby Holdings 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 a Report of the Auditors 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 Auditors |
Chartered Accountants & Business Advisers |
Alexandra House |
43 Alexandra St |
Nottingham |
Nottinghamshire |
NG5 1AY |
Tenby Holdings Limited (Registered number: 12596984) |
Consolidated |
Statement of Comprehensive |
Income |
for the Period 1 June 2022 to 31 October 2023 |
Period | Year Ended |
1.6.22 to 31.10.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 27,020,348 | 13,236,163 |
Cost of sales | 21,393,699 | 10,245,359 |
GROSS PROFIT | 5,626,649 | 2,990,804 |
Distribution costs | 1,464,516 | 753,745 |
Administrative expenses | 4,641,160 | 2,052,033 |
6,105,676 | 2,805,778 |
(479,027 | ) | 185,026 |
Other operating income | 2,999,955 | 6,000 |
OPERATING PROFIT | 5 | 2,520,928 | 191,026 |
Interest payable and similar expenses | 6 | 3 | - |
PROFIT BEFORE TAXATION | 2,520,925 | 191,026 |
Tax on profit | 7 | 532,384 | 37,878 |
PROFIT FOR THE FINANCIAL PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
1,988,541 |
153,148 |
Profit attributable to: |
Owners of the parent | 2,006,086 | 137,848 |
Non-controlling interests | (17,545 | ) | 15,300 |
1,988,541 | 153,148 |
Total comprehensive income attributable to: |
Owners of the parent | 2,006,086 | 137,848 |
Non-controlling interests | (17,545 | ) | 15,300 |
1,988,541 | 153,148 |
Tenby Holdings Limited (Registered number: 12596984) |
Consolidated Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 705 | 633,165 |
Tangible assets | 10 | 172,548 | 153,954 |
Investments | 11 | - | - |
173,253 | 787,119 |
CURRENT ASSETS |
Stocks | 12 | 1,559,334 | 2,385,970 |
Debtors | 13 | 5,742,034 | 6,982,030 |
Cash at bank and in hand | 1,396,791 | 520,608 |
8,698,159 | 9,888,608 |
CREDITORS |
Amounts falling due within one year | 14 | 6,493,894 | 10,309,687 |
NET CURRENT ASSETS/(LIABILITIES) | 2,204,265 | (421,079 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,377,518 |
366,040 |
PROVISIONS FOR LIABILITIES | 16 | 43,137 | 20,200 |
NET ASSETS | 2,334,381 | 345,840 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 100 | 100 |
Retained earnings | 18 | 2,336,526 | 330,440 |
SHAREHOLDERS' FUNDS | 2,336,626 | 330,540 |
NON-CONTROLLING INTERESTS | (2,245 | ) | 15,300 |
TOTAL EQUITY | 2,334,381 | 345,840 |
The financial statements were approved by the director and authorised for issue on 26 July 2024 and were signed by: |
C P Lewis - Director |
Tenby Holdings Limited (Registered number: 12596984) |
Company Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,163,989 | 145 |
The financial statements were approved by the director and authorised for issue on |
Tenby Holdings Limited (Registered number: 12596984) |
Consolidated Statement of Changes in Equity |
for the Period 1 June 2022 to 31 October 2023 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 June 2021 | 100 | 192,592 | 192,692 | - | 192,692 |
Changes in equity |
Total comprehensive income | - | 137,848 | 137,848 | 15,300 | 153,148 |
Balance at 31 May 2022 | 100 | 330,440 | 330,540 | 15,300 | 345,840 |
Changes in equity |
Total comprehensive income | - | 2,006,086 | 2,006,086 | (17,545 | ) | 1,988,541 |
Balance at 31 October 2023 | 100 | 2,336,526 | 2,336,626 | (2,245 | ) | 2,334,381 |
Tenby Holdings Limited (Registered number: 12596984) |
Company Statement of Changes in Equity |
for the Period 1 June 2022 to 31 October 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 May 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 October 2023 |
Tenby Holdings Limited (Registered number: 12596984) |
Consolidated Cash Flow Statement |
for the Period 1 June 2022 to 31 October 2023 |
Period |
1.6.22 |
to | Year Ended |
31.10.23 | 31.5.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (2,758,979 | ) | 103,499 |
Interest paid | (3 | ) | - |
Tax paid | (62,627 | ) | - |
Net cash from operating activities | (2,821,609 | ) | 103,499 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (115,456 | ) | (1,582 | ) |
Purchase of fixed asset investments | - | (1 | ) |
Sale of intangible fixed assets | 3,622,415 | - |
Sale of tangible fixed assets | 190,833 | - |
Net cash from investing activities | 3,697,792 | (1,583 | ) |
Increase in cash and cash equivalents | 876,183 | 101,916 |
Cash and cash equivalents at beginning of period |
2 |
520,608 |
418,692 |
Cash and cash equivalents at end of period |
2 |
1,396,791 |
520,608 |
Tenby Holdings Limited (Registered number: 12596984) |
Notes to the Consolidated Cash Flow Statement |
for the Period 1 June 2022 to 31 October 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.6.22 |
to | Year Ended |
31.10.23 | 31.5.22 |
£ | £ |
Profit before taxation | 2,520,925 | 191,026 |
Depreciation charges | 100,487 | 153,876 |
Profit on disposal of fixed assets | (3,184,413 | ) | - |
Finance costs | 3 | - |
(562,998 | ) | 344,902 |
Decrease/(increase) in stocks | 826,636 | (392,367 | ) |
Decrease/(increase) in trade and other debtors | 1,239,996 | (4,339,461 | ) |
(Decrease)/increase in trade and other creditors | (4,262,613 | ) | 4,490,425 |
Cash generated from operations | (2,758,979 | ) | 103,499 |
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: |
Period ended 31 October 2023 |
31.10.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 1,396,791 | 520,608 |
Year ended 31 May 2022 |
31.5.22 | 1.6.21 |
£ | £ |
Cash and cash equivalents | 520,608 | 418,692 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.6.22 | Cash flow | At 31.10.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 520,608 | 876,183 | 1,396,791 |
520,608 | 876,183 | 1,396,791 |
Total | 520,608 | 876,183 | 1,396,791 |
Tenby Holdings Limited (Registered number: 12596984) |
Notes to the Consolidated Financial Statements |
for the Period 1 June 2022 to 31 October 2023 |
1. | STATUTORY INFORMATION |
Tenby Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £. |
The comparative year financial statements were not subject to audit on the basis that the group qualified as small at that time. |
Basis of consolidation |
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31 October 2023 to the extent of the group's interest in those undertakings and after eliminating intra-group transactions. |
In the company's financial statements, investments in subsidiary undertakings are stated at cost less provision for permanent diminution in value. |
A separate income statement for the parent company has not been presented in accordance with Section 408 of the Companies Act 2006. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: |
Stock valuations and recoverability of trading assets - these involve judgements as to pricing and the extent to which provisions are required to account for the risk of irrecoverability or obsolescence. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. |
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates. |
Tenby Holdings Limited (Registered number: 12596984) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 June 2022 to 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
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 period 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 |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
At the time of approving the financial statements, the director has reviewed forecasts and has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
Tenby Holdings Limited (Registered number: 12596984) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 June 2022 to 31 October 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
Period |
1.6.22 |
to | Year Ended |
31.10.23 | 31.5.22 |
£ | £ |
Sale of goods | 27,020,348 | 13,236,163 |
27,020,348 | 13,236,163 |
An analysis of turnover by geographical market is given below: |
Period |
1.6.22 |
to | Year Ended |
31.10.23 | 31.5.22 |
£ | £ |
United Kingdom | 27,020,348 | 13,236,163 |
27,020,348 | 13,236,163 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.6.22 |
to | Year Ended |
31.10.23 | 31.5.22 |
£ | £ |
Wages and salaries | 4,557,427 | 2,751,751 |
Social security costs | 179,011 | 96,580 |
Other pension costs | 34,768 | 17,924 |
4,771,206 | 2,866,255 |
The average number of employees during the period was as follows: |
Period |
1.6.22 |
to | Year Ended |
31.10.23 | 31.5.22 |
Maintenance and admin |
Period |
1.6.22 |
to | Year Ended |
31.10.23 | 31.5.22 |
£ | £ |
Director's remuneration | - | - |
Tenby Holdings Limited (Registered number: 12596984) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 June 2022 to 31 October 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.6.22 |
to | Year Ended |
31.10.23 | 31.5.22 |
£ | £ |
Hire of plant and machinery | 165,569 | 162,646 |
Other operating leases | 750,568 | 450,037 |
Depreciation - owned assets | 95,487 | 74,731 |
Profit on disposal of fixed assets | (3,184,413 | ) | - |
Goodwill amortisation | - | 74,145 |
Patents and licences amortisation | 5,000 | 5,000 |
Auditors' remuneration | 35,000 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.6.22 |
to | Year Ended |
31.10.23 | 31.5.22 |
£ | £ |
Bank interest | 3 | - |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.6.22 |
to | Year Ended |
31.10.23 | 31.5.22 |
£ | £ |
Current tax: |
UK corporation tax | 509,171 | 55,768 |
Prior year tax movement | 276 | - |
Total current tax | 509,447 | 55,768 |
Deferred tax | 22,937 | (17,890 | ) |
Tax on profit | 532,384 | 37,878 |
Tenby Holdings Limited (Registered number: 12596984) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 June 2022 to 31 October 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.6.22 |
to | Year Ended |
31.10.23 | 31.5.22 |
£ | £ |
Profit before tax | 2,520,925 | 191,026 |
Profit multiplied by the standard rate of corporation tax in the UK of 22.008 % (2022 - 19 %) |
554,805 |
36,295 |
Effects of: |
Expenses not deductible for tax purposes | (2,909 | ) | 28,356 |
Capital allowances in excess of depreciation | (26,209 | ) | (11,840 | ) |
Adjustments to tax charge in respect of previous periods | 276 | 2,957 |
Deferred tax movement | 22,937 | (17,890 | ) |
Marginal relief | (33 | ) | - |
Tax rate difference | (16,483 | ) | - |
Total tax charge | 532,384 | 37,878 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 June 2022 | 741,450 | 50,005 | 791,455 |
Disposals | (741,450 | ) | (49,000 | ) | (790,450 | ) |
At 31 October 2023 | - | 1,005 | 1,005 |
AMORTISATION |
At 1 June 2022 | 148,290 | 10,000 | 158,290 |
Amortisation for period | - | 5,000 | 5,000 |
Eliminated on disposal | (148,290 | ) | (14,700 | ) | (162,990 | ) |
At 31 October 2023 | - | 300 | 300 |
NET BOOK VALUE |
At 31 October 2023 | - | 705 | 705 |
At 31 May 2022 | 593,160 | 40,005 | 633,165 |
Tenby Holdings Limited (Registered number: 12596984) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 June 2022 to 31 October 2023 |
9. | INTANGIBLE FIXED ASSETS - continued |
Company |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 October 2023 |
AMORTISATION |
At 1 June 2022 |
Amortisation for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 May 2022 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2022 | 215,744 | - | - | 76,760 | 292,504 |
Additions | 103,891 | 2,182 | 3,000 | 6,383 | 115,456 |
Disposals | (10,000 | ) | - | (1,500 | ) | - | (11,500 | ) |
At 31 October 2023 | 309,635 | 2,182 | 1,500 | 83,143 | 396,460 |
DEPRECIATION |
At 1 June 2022 | 110,826 | - | - | 27,724 | 138,550 |
Charge for period | 68,498 | 788 | 563 | 25,638 | 95,487 |
Eliminated on disposal | (10,000 | ) | - | (125 | ) | - | (10,125 | ) |
At 31 October 2023 | 169,324 | 788 | 438 | 53,362 | 223,912 |
NET BOOK VALUE |
At 31 October 2023 | 140,311 | 1,394 | 1,062 | 29,781 | 172,548 |
At 31 May 2022 | 104,918 | - | - | 49,036 | 153,954 |
Tenby Holdings Limited (Registered number: 12596984) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 June 2022 to 31 October 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 May 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Common Road, Huthwaite, Sutton-In-Ashfield, NG17 6AD |
Nature of business: |
% |
Class of shares: | holding |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Raw materials | 1,246,013 | 1,917,789 |
Work-in-progress | 61,270 | 107,359 |
Finished goods | 252,051 | 360,822 |
1,559,334 | 2,385,970 |
13. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 3,393,641 | 4,376,694 |
Amounts owed by group undertakings | - | - |
Other debtors | 937,439 | 1,602,355 |
VAT | - | 33,997 |
Prepayments | 410,954 | 968,984 |
4,742,034 | 6,982,030 |
Amounts falling due after more than one | year: |
Trade debtors | 1,000,000 | - |
Aggregate amounts | 5,742,034 | 6,982,030 |
Tenby Holdings Limited (Registered number: 12596984) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 June 2022 to 31 October 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade creditors | 2,535,547 | 3,034,134 |
Amounts owed to group undertakings | - | - |
Tax | 509,480 | 62,660 |
Social security and other taxes | 70,510 | 17,998 |
VAT | 66,070 | - | - | - |
Other creditors | 3,008,573 | 3,432,511 |
Accruals and deferred income | 303,714 | 3,762,384 |
6,493,894 | 10,309,687 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 583,020 | 565,089 |
Between one and five years | 395,710 | 1,085,355 |
978,730 | 1,650,444 |
16. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 43,137 | 20,200 |
Group |
Deferred |
tax |
£ |
Balance at 1 June 2022 | 20,200 |
Provided during period | 22,937 |
Balance at 31 October 2023 | 43,137 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
18. | RESERVES |
Called up share capital - represents the nominal value of shares that have been issued. |
Profit and loss account (retained earnings) - represents cumulative profits and losses net of dividends and other adjustments. |
Tenby Holdings Limited (Registered number: 12596984) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 June 2022 to 31 October 2023 |
19. | PENSION COMMITMENTS |
Certain group companies operate defined contribution pension schemes. The assets of the scheme are held separately from those companies in independently administered funds. The pension cost represents contributions payable by the group to the funds. At the year end, £5,607 (2022 - £4,875) was payable to the scheme by the group and is included in creditors. |
Contributions payable for the year were £34,768 (2022 - £17,923). |
20. | RELATED PARTY DISCLOSURES |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
As at 31 October 2023 the group reported loans due to Solar Windows Limited of £3,004,000 (2022: £3,908,720), which is a company connected by shared control. These were included in other creditors at the year end. |
A balance of £100,000 (2022: £nil) was due to the group from Solar Windows Limited, which was included within other debtors. During the year, the group also had trade debtor balances of £80,795 (2022: £62,943) and trade creditor balance of £1,262,058 (2022: £1,431,079) with Solar Windows Limited. Purchases totalling £6,641,200 (2022: £2,327,519) were also made from Solar Windows Limited, and sales of £711,734 (2022: £253,062) were made to Solar Windows Limited during the year. |
During the year, the group had purchases of £159,179 (2022: £47,609) with Interframe (South West) Limited, which is a company where Carl P Lewis is a director. Sales of £425,210 (2022: £180,599) were also made to Interframe (South West) Limited during the year. During the year, the group also had trade debtor balances of £25,882 (2022: £15,716) and trade creditor balance of £nil (2022: £1,753) with Interframe (South West) Limited. |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is C P Lewis. |