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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: C P Lewis





REGISTERED OFFICE: C/o Acuity Law Limited 3 Assembly Square
Britannia Quay
Cardiff
United Kingdom
CF10 4PL





REGISTERED NUMBER: 12596984 (England and Wales)





AUDITORS: Wright Vigar Limited
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:





C P Lewis - Director


26 July 2024

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
C P Lewis held office during the whole of the period from 1 June 2022 to the date of this report.

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:





C P Lewis - Director


26 July 2024

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.




Steven Newman LLB BFP FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

26 July 2024

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 1,988,541 153,148

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 9 705 40,005
Tangible assets 10 - -
Investments 11 900 900
1,605 40,905

CURRENT ASSETS
Debtors 13 4,880,250 157,419
Cash at bank and in hand 8,318 9,597
4,888,568 167,016
CREDITORS
Amounts falling due within one year 14 2,725,939 207,676
NET CURRENT ASSETS/(LIABILITIES) 2,162,629 (40,660 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,164,234

245

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 2,164,134 145
SHAREHOLDERS' FUNDS 2,164,234 245

Company's profit for the financial year 2,163,989 145

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)

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 100 - 100

Changes in equity
Total comprehensive income - 145 145
Balance at 31 May 2022 100 145 245

Changes in equity
Total comprehensive income - 2,163,989 2,163,989
Balance at 31 October 2023 100 2,164,134 2,164,234

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost and Straight line over 3, 5 or 10 years
Fixtures and fittings - Straight line over 3 years
Motor vehicles - Straight line over 5 - 10 years
Computer equipment - Straight line over 3 years

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 98 96

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 - 50,005 50,005
Additions 741,450 - 741,450
Disposals (741,450 ) (49,000 ) (790,450 )
At 31 October 2023 - 1,005 1,005
AMORTISATION
At 1 June 2022 - 10,000 10,000
Amortisation for period - 5,000 5,000
Eliminated on disposal - (14,700 ) (14,700 )
At 31 October 2023 - 300 300
NET BOOK VALUE
At 31 October 2023 - 705 705
At 31 May 2022 - 40,005 40,005

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 900
NET BOOK VALUE
At 31 October 2023 900
At 31 May 2022 900

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Solar Fabrications Holdings Limited
Registered office: Common Road, Huthwaite, Sutton-In-Ashfield, NG17 6AD
Nature of business: Holding company
%
Class of shares: holding
Ordinary 90.00


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 1,000,000 -
Amounts owed by group undertakings - - 2,692,782 148,486
Other debtors 937,439 1,602,355 - -
VAT - 33,997 163,468 8,933
Prepayments 410,954 968,984 24,000 -
4,742,034 6,982,030 3,880,250 157,419

Amounts falling due after more than one year:
Trade debtors 1,000,000 - 1,000,000 -

Aggregate amounts 5,742,034 6,982,030 4,880,250 157,419

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 10,526 4,598
Amounts owed to group undertakings - - 193,545 25,000
Tax 509,480 62,660 502,868 855
Social security and other taxes 70,510 17,998 - -
VAT 66,070 - - -
Other creditors 3,008,573 3,432,511 1,900,000 177,223
Accruals and deferred income 303,714 3,762,384 119,000 -
6,493,894 10,309,687 2,725,939 207,676

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: £    £   
100 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.