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Registration number: 09602436

Tailored Imports Ltd

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 March 2024




 

 

Tailored Imports Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Tailored Imports Ltd

Company Information

Directors

Mr O E T Greenow

Mr S G Greenow

Company secretary

Mrs K M Greenow

Registered office

Unit 4F
Talgarth Business Park
Trefecca Road
Talgarth
Powys
LD3 0PQ

 

Bankers

Barclays Bank plc
1-3 Broad Street
Hereford
HR4 9BH

Accountants

W J James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Tailored Imports Ltd

(Registration number: 09602436)

Balance Sheet
as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

41

Tangible assets

5

333,673

257,612

 

333,673

257,653

Current assets

 

Stocks

1,459,169

1,829,251

Debtors

6

904,476

953,040

Cash at bank and in hand

 

183,440

279,826

 

2,547,085

3,062,117

Creditors: Amounts falling due within one year

7

(1,447,496)

(2,088,017)

Net current assets

 

1,099,589

974,100

Total assets less current liabilities

 

1,433,262

1,231,753

Creditors: Amounts falling due after more than one year

7

(189,484)

(232,299)

Provisions for liabilities

(67,993)

(45,243)

Net assets

 

1,175,785

954,211

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,175,783

954,209

Total equity

 

1,175,785

954,211

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

Tailored Imports Ltd

(Registration number: 09602436)

Balance Sheet
as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................

Mr O E T Greenow

Director

.........................................

Mr S G Greenow

Director

 

Tailored Imports Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Unit 4F
Talgarth Business Park
Trefecca Road
Talgarth
Powys
LD3 0PQ

The principal place of business is:
Unit 4F
Talgarth Business Park
Trefecca Road
Talgarth
Powys
LD3 0PQ

These financial statements were authorised for issue by the Board on 30 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 except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded up to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of mainly bathroom goods in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

 

Tailored Imports Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold property improvements

20% on cost

Cycle to work scheme

1.5 years straight line

Fixtures and fittings

20% reducing balance

Plant and machinery

20% reducing balance

Office equipment

33% reducing balance

Motor vehicles

25% reducing balance

Horse

5 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

50% on cost

 

Tailored Imports Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined
by using the average exchange rate for the numbers of days of stock on hand at the end of the accounting period.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Tailored Imports Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

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 shorter of the useful life of the asset and the lease term. 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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 directors) during the year, was 16 (2023 - 14).

 

Tailored Imports Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

1,500

1,500

At 31 March 2024

1,500

1,500

Amortisation

At 1 April 2023

1,459

1,459

Amortisation charge

41

41

At 31 March 2024

1,500

1,500

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

41

41

5

Tangible assets

Short leasehold property improvements
£

Cycle to work scheme
£

Fixtures and Fittings
£

Plant and machinery
£

Cost or valuation

At 1 April 2023

1,496

5,433

2,562

161,017

Additions

-

-

-

24,659

Disposals

-

-

-

-

At 31 March 2024

1,496

5,433

2,562

185,676

Depreciation

At 1 April 2023

1,496

5,433

1,128

31,976

Charge for the year

-

-

287

27,874

Eliminated on disposal

-

-

-

-

At 31 March 2024

1,496

5,433

1,415

59,850

Carrying amount

At 31 March 2024

-

-

1,147

125,826

At 31 March 2023

-

-

1,434

129,041

 

Tailored Imports Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

Office equipment
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

14,364

175,253

-

360,125

Additions

1,477

115,760

7,500

149,396

Disposals

(365)

(8,200)

-

(8,565)

At 31 March 2024

15,476

282,813

7,500

500,956

Depreciation

At 1 April 2023

6,837

55,643

-

102,513

Charge for the year

2,631

34,580

730

66,102

Eliminated on disposal

(117)

(1,215)

-

(1,332)

At 31 March 2024

9,351

89,008

730

167,283

Carrying amount

At 31 March 2024

6,125

193,805

6,770

333,673

At 31 March 2023

7,527

119,610

-

257,612

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Debtors

2024
£

2023
£

Trade debtors

848,331

940,841

Prepayments

56,145

12,199

904,476

953,040

 

Tailored Imports Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

138,669

109,928

Trade creditors

 

711,156

991,906

Invoice discounting

232,017

440,361

Taxation and social security

 

186,751

357,596

Accruals and deferred income

 

98,583

117,826

Other creditors

 

80,320

70,400

 

1,447,496

2,088,017

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

189,484

232,299

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

52,129

95,790

HP and finance lease liabilities

137,355

136,509

189,484

232,299

2024
£

2023
£

Current loans and borrowings

Bank borrowings

43,589

42,721

Bank overdrafts

734

23

HP and finance lease liabilities

94,346

62,771

Other borrowings

-

4,413

138,669

109,928

 

Tailored Imports Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

Bank borrowings

The loan is denominated in £ sterling with a nominal interest rate of 2 %, and the final instalment is due on 31 May 2026. The carrying amount at year end is £176,705 (2023 - £Nil).

The directors have provided a joint and several personal guarantee of £25,000 in respect of this loan.