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Registration number: 08025859

Prepared for the registrar

Tactical Hazmat Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Tactical Hazmat Limited

(Registration number: 08025859)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

40,893

29,216

Current assets

 

Debtors

5

31,591

33,188

Cash at bank and in hand

 

178,756

163,400

 

210,347

196,588

Creditors: Amounts falling due within one year

6

(45,716)

(60,401)

Net current assets

 

164,631

136,187

Total assets less current liabilities

 

205,524

165,403

Deferred tax liabilities

 

(8,361)

(5,172)

Net assets

 

197,163

160,231

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

197,153

160,221

Shareholders' funds

 

197,163

160,231

For the financial year ending 31 December 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 2 July 2024
 


K Miller
Director

 

Tactical Hazmat Limited

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

 

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:
Brook House
Brookfield Business Park
Gravel Pit Lane
Cheltenham
Gloucestershire
GL52 3NQ
United Kingdom

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and key sources of estimation uncertainty

No significant judgements or estimation uncertainty have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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 based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Tactical Hazmat Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Plant and machinery

25% on reducing balance

Computer equipment

33% on cost

Leasehold improvements

10% on cost

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

Tactical Hazmat Limited

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

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 3).

 

Tactical Hazmat Limited

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

 

4

Tangible assets

Leasehold improvements
£

Plant, machinery and equipment
 £

Total
£

Cost

At 1 January 2023

11,047

63,215

74,262

Additions

-

25,624

25,624

At 31 December 2023

11,047

88,839

99,886

Depreciation

At 1 January 2023

2,594

42,452

45,046

Charge for the year

1,105

12,842

13,947

At 31 December 2023

3,699

55,294

58,993

Carrying amount

At 31 December 2023

7,348

33,545

40,893

At 31 December 2022

8,453

20,763

29,216

 

5

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

10,920

8,274

Amounts owed by related parties

8

4,860

5,100

Other debtors

 

4,045

-

Prepayments

 

11,766

19,814

   

31,591

33,188

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

5,012

5,897

Amounts due to related parties

8

14,587

14,347

Social security and other taxes

 

6,815

5,504

Outstanding defined contribution pension costs

 

236

179

Accrued expenses

 

3,692

2,425

Corporation tax liability

8,109

27,239

Deferred income

 

7,265

4,810

 

45,716

60,401

 

Tactical Hazmat Limited

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

 

7

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Accelerated tax depreciation

8,386

Short term timing differences

(25)

8,361

2022

Liability
£

Accelerated tax depreciation

5,191

Short term timing differences

(19)

5,172

 

8

Related party transactions

Transactions with companies under common control

At the 31 December 2023, the amount owed to Hazmatlink Limited was £14,587 (2022 - £14,347) in the form of an intercompany loan. The loan is unsecured, interest-free and repayable on demand.

At the 31 December 2023, the amount owed from Tall Sky Properties Limited was £28 (2022 - £268) in the form of an intercompany loan. The loan is unsecured, interest-free and repayable on demand.

Transactions with the parent company

At the 31 December 2023, the amount owed from Tall Sky Holdings Limited was £4,832 (2022 - £4,832) in the form of an intercompany loan. The loan is unsecured, interest-free and repayable on demand.

 

9

Parent and ultimate parent undertaking

The company's immediate parent is Tall Sky Holdings Limited, incorporated in England and Wales.