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Company registration number: 01001294
Roger Tiffany Limited
Unaudited filleted financial statements
31 March 2024
Roger Tiffany Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Roger Tiffany Limited
Directors and other information
Directors Mr R Tiffany
Mrs E Tiffany
Mr J Tiffany
Mrs D Tiffany (Appointed 13 September 2023)
Secretary Mrs E Tiffany
Company number 01001294
Registered office The Sidings Business Park
Sandylands
Skipton
North Yorkshire
BD23 1TB
Business address The Sidings Business Park
Sandylands
Skipton
North Yorkshire
BD23 1TB
Accountants Windle & Bowker Limited
Croft House
Station Road
Barnoldswick
Lancashire
BB18 5NA
Roger Tiffany Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 244,642 254,529
_______ _______
244,642 254,529
Current assets
Stocks 25,024 24,300
Debtors 6 103,158 151,014
Cash at bank and in hand 341,352 219,548
_______ _______
469,534 394,862
Creditors: amounts falling due
within one year 7 ( 215,926) ( 221,096)
_______ _______
Net current assets 253,608 173,766
_______ _______
Total assets less current liabilities 498,250 428,295
_______ _______
Net assets 498,250 428,295
_______ _______
Capital and reserves
Called up share capital 106 106
Share premium account 149 149
Revaluation reserve 94,641 94,641
Profit and loss account 403,354 333,399
_______ _______
Shareholders funds 498,250 428,295
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 June 2024 , and are signed on behalf of the board by:
Mr J Tiffany
Director
Company registration number: 01001294
Roger Tiffany Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Share premium account Revaluation reserve Profit and loss account Total
£ £ £ £ £
At 1 April 2022 100 149 94,641 345,644 440,534
Profit for the year 89,755 89,755
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 89,755 89,755
Issue of shares 6 - 6
Dividends paid and payable ( 102,000) ( 102,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners 6 - - ( 102,000) ( 101,994)
_______ _______ _______ _______ _______
At 31 March 2023 and 1 April 2023 106 149 94,641 333,399 428,295
Profit for the year 135,955 135,955
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 135,955 135,955
Dividends paid and payable ( 66,000) ( 66,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 66,000) ( 66,000)
_______ _______ _______ _______ _______
At 31 March 2024 106 149 94,641 403,354 498,250
_______ _______ _______ _______ _______
Roger Tiffany Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Sidings Business Park, Sandylands, Skipton, North Yorkshire, BD23 1TB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 11 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 200,000 51,445 11,298 67,175 329,918
Additions - 3,600 - - 3,600
_______ _______ _______ _______ _______
At 31 March 2024 200,000 55,045 11,298 67,175 333,518
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 - 34,135 10,630 30,624 75,389
Charge for the year - 4,182 167 9,138 13,487
_______ _______ _______ _______ _______
At 31 March 2024 - 38,317 10,797 39,762 88,876
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 200,000 16,728 501 27,413 244,642
_______ _______ _______ _______ _______
At 31 March 2023 200,000 17,310 668 36,551 254,529
_______ _______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 March 2024
Aggregate cost 94,407 94,407
Aggregate depreciation (23,192) (23,192)
_______ _______
Carrying amount 71,215 71,215
_______ _______
At 31 March 2023
Aggregate cost 94,407 94,407
Aggregate depreciation (21,304) (21,304)
_______ _______
Carrying amount 73,103 73,103
_______ _______
The freehold property was revalued by Westlake & Co., Chartered Surveyors on 10 February 2017 based on the market value of comparable units in the neighbourhood. The Directors are of the opinion that the market value will not have materially altered since the valuation date.
6. Debtors
2024 2023
£ £
Trade debtors 93,360 141,424
Other debtors 9,798 9,590
_______ _______
103,158 151,014
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 36,279 63,966
Corporation tax 17,383 -
Social security and other taxes 49,544 34,182
Other creditors 112,720 122,948
_______ _______
215,926 221,096
_______ _______
8. Related party transactions
The Directors provided interest free loans to the company. The balances outstanding at the year end, which are included in creditors falling due within one year, amounted to £104,562 (31 March 2023: £114,035).
9. Controlling party
The Company is controlled by the Directors who hold 94% of the share capital in the Company.