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REGISTERED NUMBER: 04588558 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

TM Factors Limited

TM Factors Limited (Registered number: 04588558)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TM Factors Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: F K Jennings Snr
Mrs C L C Jennings
F K Jennings Jnr
Mrs M L Portman-Lewis





SECRETARY: Mrs C L C Jennings





REGISTERED OFFICE: Unit 5 Hereford Trade Park
Holmer Road
Hereford
HR4 9SG





REGISTERED NUMBER: 04588558 (England and Wales)





ACCOUNTANTS: R J Francis & Co
Suites 1 & 2
Marshall Business Centre
Faraday Road
Hereford
Herefordshire
HR4 9NS

TM Factors Limited (Registered number: 04588558)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 647,855 346,361
647,855 346,361

CURRENT ASSETS
Stocks 372,756 330,305
Debtors 6 976,763 854,488
Cash at bank and in hand 1,210,006 1,124,435
2,559,525 2,309,228
CREDITORS
Amounts falling due within one year 7 1,500,810 1,161,864
NET CURRENT ASSETS 1,058,715 1,147,364
TOTAL ASSETS LESS CURRENT LIABILITIES 1,706,570 1,493,725

CREDITORS
Amounts falling due after more than one
year

8

(53,359

)

(56,477

)

PROVISIONS FOR LIABILITIES (132,340 ) (64,120 )
NET ASSETS 1,520,871 1,373,128

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 1,520,671 1,372,928
SHAREHOLDERS' FUNDS 1,520,871 1,373,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TM Factors Limited (Registered number: 04588558)

Balance Sheet - continued
31 October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:




F K Jennings Snr - Director



Mrs C L C Jennings - Director


TM Factors Limited (Registered number: 04588558)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

TM Factors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 2003, is being amortised evenly over its estimated useful life of twenty years.

The directors re-assessed the accounting estimate of the useful life of the Goodwill and the remainder of the Goodwill as written off in the 2017 year.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Improvements to property - in accordance with the property
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer and Office equipment - 25% on cost and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidenced a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


TM Factors Limited (Registered number: 04588558)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2022 - 44 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 159,336
AMORTISATION
At 1 November 2022
and 31 October 2023 159,336
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

TM Factors Limited (Registered number: 04588558)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 November 2022 6,289 20,986 17,831
Additions - - -
Disposals - - -
At 31 October 2023 6,289 20,986 17,831
DEPRECIATION
At 1 November 2022 - 11,703 13,329
Charge for year - 1,638 674
Eliminated on disposal - - -
At 31 October 2023 - 13,341 14,003
NET BOOK VALUE
At 31 October 2023 6,289 7,645 3,828
At 31 October 2022 6,289 9,283 4,502

Computer
Fixtures and
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 317,212 469,430 99,660 931,408
Additions 301,220 193,978 4,883 500,081
Disposals - (96,084 ) - (96,084 )
At 31 October 2023 618,432 567,324 104,543 1,335,405
DEPRECIATION
At 1 November 2022 250,130 222,002 87,883 585,047
Charge for year 55,246 110,361 6,299 174,218
Eliminated on disposal - (71,715 ) - (71,715 )
At 31 October 2023 305,376 260,648 94,182 687,550
NET BOOK VALUE
At 31 October 2023 313,056 306,676 10,361 647,855
At 31 October 2022 67,082 247,428 11,777 346,361

TM Factors Limited (Registered number: 04588558)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022 207,344
Additions 193,978
At 31 October 2023 401,322
DEPRECIATION
At 1 November 2022 36,600
Charge for year 91,184
At 31 October 2023 127,784
NET BOOK VALUE
At 31 October 2023 273,538
At 31 October 2022 170,744

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 934,114 814,620
Other debtors 42,649 39,868
976,763 854,488

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 9) 132,966 99,511
Trade creditors 1,152,649 740,292
Taxation and social security 22,237 137,467
Other creditors 182,958 174,594
1,500,810 1,161,864

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 16,667 26,667
Hire purchase contracts (see note 9) 36,692 29,810
53,359 56,477

TM Factors Limited (Registered number: 04588558)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 132,966 99,511
Between one and five years 36,692 29,810
169,658 129,321

Non-cancellable operating leases
2023 2022
£    £   
Within one year 24,600 9,000
Between one and five years 92,300 36,000
In more than five years - 5,500
116,900 50,500

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 26,667 36,667
Hire purchase contracts 169,658 129,321
196,325 165,988

The bank loans and hire purchase contracts are secured by a fixed and floating charge over the company assets.