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Registrar

Registration number: 01075762

Tapco (Preservation) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Tapco (Preservation) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Tapco (Preservation) Limited

Company Information

Directors

J R Millroy

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

HSBC Bank PLC
54 Clarence Street
Kingston Upon Thames
Surrey
KT1 1NS

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Tapco (Preservation) Limited

(Registration number: 01075762)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

741,794

772,867

Current assets

 

Stocks

5

17,714

17,882

Debtors

6

722,546

496,210

Cash at bank and in hand

 

152,227

327,692

 

892,487

841,784

Creditors: Amounts falling due within one year

7

(310,842)

(285,184)

Net current assets

 

581,645

556,600

Total assets less current liabilities

 

1,323,439

1,329,467

Creditors: Amounts falling due after more than one year

7

(24,739)

(30,345)

Provisions for liabilities

(6,044)

(30,717)

Net assets

 

1,292,656

1,268,405

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

467,500

467,500

Retained earnings

825,056

800,805

Shareholders' funds

 

1,292,656

1,268,405

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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

 

Tapco (Preservation) Limited

(Registration number: 01075762)
Balance Sheet as at 31 October 2023

Approved and authorised by the director on 31 July 2024
 

.........................................
J R Millroy
Director

   
     
 

Tapco (Preservation) Limited

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

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

The principal place of business is: Tapco House, 12 Thorkhill Road, Thames Ditton, Surrey, KT7 0UE.

These financial statements were authorised for issue by the director on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Departures from Companies Act requirements

The freehold property is shown at a previous revalued amount with no provision for depreciation. This is a departure from the requirements of the Companies Act concerning the depreciation of fixed assets which the directors feel necessary to show a true and fair view.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for property dampness remediation activities in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised using the accrual model and are shown within other operating income.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Tapco (Preservation) Limited

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

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Straight Line

Motor vehicles

25% Straight Line

Fixtures and fittings

10% Straight Line

Land and buildings

Not provided

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Tapco (Preservation) Limited

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

Leases

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 29 (2022 - 28).

 

Tapco (Preservation) Limited

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2022

650,000

3,895

267,100

32,902

953,897

Additions

-

-

23,461

3,371

26,832

Disposals

-

-

(70,932)

-

(70,932)

At 31 October 2023

650,000

3,895

219,629

36,273

909,797

Depreciation

At 1 November 2022

-

1,207

161,190

18,633

181,030

Charge for the year

-

362

42,630

4,045

47,037

Eliminated on disposal

-

-

(60,064)

-

(60,064)

At 31 October 2023

-

1,569

143,756

22,678

168,003

Carrying amount

At 31 October 2023

650,000

2,326

75,873

13,595

741,794

At 31 October 2022

650,000

2,688

105,910

14,269

772,867

Included within the net book value of land and buildings above is £650,000 (2022 - £650,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold land and buildings was revalued on 9 August 2019 by Leaders Estate Agents.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £182,500 (2022 - £182,500).

5

Stocks

2023
£

2022
£

Stocks

17,714

17,882

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

207,425

84,656

Directors loan

11

330,245

264,913

Prepayments

 

35,108

33,423

Other debtors

 

149,768

113,218

 

722,546

496,210

 

Tapco (Preservation) Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

61,867

95,242

Loans and borrowings

9

20,675

23,192

Other creditors

 

25,492

23,130

Taxation and social security

 

173,554

121,536

Accruals and deferred income

 

29,254

22,084

 

310,842

285,184



Creditors include net obligations under finance lease and hire purchase contracts which are secured of £20,676 (2022 - £23,192).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

24,739

30,345

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £24,739 (2022 - £30,345).

Bank borrowings

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Tapco (Preservation) Limited

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

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Finance lease liabilities

20,675

23,192

Non-current loans and borrowings

2023
£

2022
£

Finance lease liabilities

24,739

30,345

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £66,600 (2022 - £60,638). The amount is in respect of operating leases.

11

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Advances and credits

264,913

76,801

(11,470)

330,244

         
       

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Advances and credits

238,899

26,014

-

264,913