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REGISTERED NUMBER: 09629071 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

TULIMUS LIMITED

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 30 September 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


TULIMUS LIMITED

COMPANY INFORMATION
For The Year Ended 30 September 2023







DIRECTOR: J A Stevens





REGISTERED OFFICE: 4 Mount Ephraim Road
Tunbridge Wells
Kent
TN1 1EE





REGISTERED NUMBER: 09629071 (England and Wales)





AUDITORS: Banks & Co
1 Carnegie Road
Newbury
Berkshire
RG14 5DJ

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

GROUP STRATEGIC REPORT
For The Year Ended 30 September 2023

The director presents his strategic report of the company and the group for the year ended 30 September 2023.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS
Introduction
This strategic report is submitted as part of the annual accounts filing for Tulimus Limited, the holding company for Contractors Plant Hire. Through Contractors Plant Hire, Tulimus Limited holds majority stakes in The Tool Hire Centre and X-Hire Limited. This report covers the financial year from September 2022 to September 2023, a period marked by significant strategic realignment aimed at strengthening the company's core operations and ensuring long-term profitability.

Overview of Strategic Actions
Divestment of Plant Hire Assets by Contractors Plant Hire:

In response to declining profitability in the plant hire sector, Contractors Plant Hire, under the ownership of Tulimus Limited, divested the majority of its plant hire assets, which led to a reduction in the reported turnover and a profit on the sale of assets of £4.6 million. This strategic move was necessitated by market challenges, including intensified competition, rising operational costs, and shrinking margins that made continued investment in the plant hire segment unsustainable.

The divestment was executed through an auction process that yielded favorable returns, providing Tulimus Limited with a stronger financial foundation. The proceeds from this sale have been instrumental in reducing debt, enhancing liquidity, and enabling strategic reinvestment in our core subsidiaries. As a result, the group accounts report net current assets of £465k (2022: net current liabilities of £1.337 million).

Acquisition and Integration of Access Business by X-Hire Limited:

During the reporting period, X-Hire Limited, one of the key subsidiaries of Contractors Plant Hire, acquired the assets of an access business that had entered administration. This acquisition aligned with our strategic objective to expand service offerings and strengthen our market position. However, the integration of these new assets posed significant challenges, requiring substantial investment in operational restructuring, systems integration, and workforce training.

Despite the complexities and costs associated with the integration, the process is now largely complete. X-Hire Limited is poised to leverage these newly integrated assets and is expected to achieve profitability in the 2024-2025 financial year.

Performance and Outlook of Subsidiaries
The Tool Hire Centre:

The Tool Hire Centre, another key subsidiary under Contractors Plant Hire, has made notable progress in its turnaround efforts. The focus has been on improving operational efficiencies, optimizing inventory management, and enhancing customer service. The implementation of advanced booking systems and customer engagement initiatives has begun to yield positive results. We expect these improvements to continue driving profitability in the next financial year.

X-Hire Limited:

X-Hire Limited experienced a challenging year due to the acquisition and subsequent integration of the access business. However, with the integration phase now largely behind us, X-Hire Limited is in a strong position to capitalize on the expanded service offerings and market opportunities. We anticipate a return to profitability for X-Hire Limited in the 2024-2025 financial year, driven by enhanced operational efficiencies and increased market penetration.

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

GROUP STRATEGIC REPORT
For The Year Ended 30 September 2023


Financial Position and Future Strategy
Financial Position:

Tulimus Limited's financial position has been significantly strengthened by the strategic actions undertaken during the reporting period. The proceeds from the divestment of plant hire assets have been utilized to reduce debt and reinvest in our core businesses, while also building a cash reserve to support future strategic initiatives.

Future Strategy:

Looking ahead, Tulimus Limited will continue to focus on maximizing the potential of its subsidiaries, The Tool Hire Centre and X-Hire Limited. Our strategy includes further enhancing operational efficiencies, expanding service offerings, and exploring potential growth opportunities within complementary markets. Our primary objective for the 2024-2025 financial year is to achieve sustained profitability across our portfolio of businesses.

Conclusion
The 2022-2023 financial year was transformative for Tulimus Limited and its subsidiaries. Through the divestment of non-core assets and strategic investments in growth and operational efficiency, we have positioned the company for future success. We remain confident in our ability to deliver long-term value to our stakeholders as we move into the next phase of our strategic plan.

PRINCIPAL RISKS AND UNCERTAINTIES
At a group level the principal risks and uncertainties include:

- Reduced demand for the group's services, particularly if activity within the construction industry continues to slow down
- Rising cost pressures, especially the cost of diesel and inflation in the pricing of new machinery.
- Deteriorating credit quality and increasing customer defaults.

To mitigate these risks the business continues to monitor its investment in its fleet and related debt, the credit quality of its debtors and adjust the stock of items in the hire fleet to reflect demand levels.

KEY PERFORMANCE INDICATORS
The main indicators are revenue £11.4 million (2022: £13.8 million), operating profit of £2.868 million (2022: loss of £288k) and EBITDA of £4.654 million (2022: £2.446 million)

ON BEHALF OF THE BOARD:





J A Stevens - Director


21 August 2024

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

REPORT OF THE DIRECTOR
For The Year Ended 30 September 2023

The director presents his report with the financial statements of the company and the group for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of hire of plant and machinery.

DIVIDENDS
Interim dividends per share were paid as follows:
Ordinary A £1 shares £53,113 - 31 March 2023
Ordinary B £1 shares £53,113 - 31 March 2023


The director recommends that no final dividends be paid.

The total distribution of dividends for the year ended 30 September 2023 will be £ 102,226 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
J A Stevens held office during the whole of the period from 1 October 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

REPORT OF THE DIRECTOR
For The Year Ended 30 September 2023


AUDITORS
The auditors, Banks & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J A Stevens - Director


21 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TULIMUS LIMITED

Opinion
We have audited the financial statements of Tulimus Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TULIMUS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, employment regulation and health and safety regulation. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the director's and management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to posting of manual journals, management bias through judgements and assumptions in significant accounting estimates, and significant one-off or unusual transactions.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TULIMUS LIMITED


Our audit procedures were designed to respond to these identified risks, including non-compliance with laws and regulations that are material to the financial statements. Our audit audit procedures included but were not limited to:


-
Making enquiries of the director and management on whether they had any knowledge of any
actual, suspected or alleged fraud;


-
Discussing with the director and management their policies and procedures for regarding
compliance with laws and regulations;


-
Communicating identified laws and regulations throughout our engagement team and remaining
alert to any indications of non-compliance throughout the audit;


-
Assessing the risks of fraud through management override of controls by performing journal entry
testing and analytical review procedures to identify any unusual or unexpected relationships

The primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Richard Mark Lodge Taylor FCCA (Senior Statutory Auditor)
for and on behalf of Banks & Co
1 Carnegie Road
Newbury
Berkshire
RG14 5DJ

21 August 2024

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

CONSOLIDATED INCOME STATEMENT
For The Year Ended 30 September 2023

2023 2022
as restated
Notes £    £   

TURNOVER 11,446,357 13,849,241

Cost of sales 6,671,491 8,302,767
GROSS PROFIT 4,774,866 5,546,474

Administrative expenses 1,911,845 5,838,489
2,863,021 (292,015 )

Other operating income 5,000 4,500
OPERATING PROFIT/(LOSS) 5 2,868,021 (287,515 )


Interest payable and similar expenses 6 208,625 209,411
PROFIT/(LOSS) BEFORE TAXATION 2,659,396 (496,926 )

Tax on profit/(loss) 7 637,080 (60,066 )
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

2,022,316

(436,860

)
Profit/(loss) attributable to:
Owners of the parent 2,082,662 (354,264 )
Non-controlling interests (60,346 ) (82,596 )
2,022,316 (436,860 )

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
For The Year Ended 30 September 2023

2023 2022
as restated
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 2,022,316 (436,860 )


OTHER COMPREHENSIVE INCOME
Revaluation of fixed assets 874,439 -
Income tax relating to other
comprehensive income

(218,610

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

655,829

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,678,145

(436,860

)

Total comprehensive income attributable to:
Owners of the parent 2,738,491 (354,264 )
Non-controlling interests (60,346 ) (82,596 )
2,678,145 (436,860 )

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

CONSOLIDATED BALANCE SHEET
30 September 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 266,200 399,300
Tangible assets 12 7,726,724 7,260,085
Investments 13 - -
Investment property 14 295,000 295,000
8,287,924 7,954,385

CURRENT ASSETS
Stocks 15 2,500 33,140
Debtors 16 3,684,750 4,042,166
Cash at bank 1,431,370 418,105
5,118,620 4,493,411
CREDITORS
Amounts falling due within one year 17 4,653,718 5,830,092
NET CURRENT ASSETS/(LIABILITIES) 464,902 (1,336,681 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,752,826

6,617,704

CREDITORS
Amounts falling due after more than
one year

18

(2,792,945

)

(3,679,390

)

PROVISIONS FOR LIABILITIES 22 (636,862 ) (191,213 )
NET ASSETS 5,323,019 2,747,101

CAPITAL AND RESERVES
Called up share capital 23 2 2
Revaluation reserve 24 755,174 99,345
Retained earnings 24 4,498,819 2,518,384
SHAREHOLDERS' FUNDS 5,253,995 2,617,731

NON-CONTROLLING INTERESTS 25 69,024 129,370
TOTAL EQUITY 5,323,019 2,747,101

The financial statements were approved by the director and authorised for issue on 21 August 2024 and were signed by:





J A Stevens - Director


TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

COMPANY BALANCE SHEET
30 September 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 4,214,234 4,214,234
Investment property 14 - -
4,214,234 4,214,234

CURRENT ASSETS
Cash at bank 61 633

CREDITORS
Amounts falling due within one year 17 1,772,329 1,143,809
NET CURRENT LIABILITIES (1,772,268 ) (1,143,176 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,441,966

3,071,058

CREDITORS
Amounts falling due after more than
one year

18

1,375,857

1,866,250
NET ASSETS 1,066,109 1,204,808

CAPITAL AND RESERVES
Called up share capital 23 2 2
Retained earnings 1,066,107 1,204,806
SHAREHOLDERS' FUNDS 1,066,109 1,204,808

Company's (loss)/profit for the
financial year

(36,473

)

75,130

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

The financial statements were approved by the director and authorised for issue on 21 August 2024 and were signed by:





J A Stevens - Director


TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 September 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 October 2021 2 2,974,596 99,345

Changes in equity
Dividends - (101,948 ) -
Total comprehensive income - (354,264 ) -
Balance at 30 September 2022 2 2,518,384 99,345

Changes in equity
Dividends - (102,226 ) -
Total comprehensive income - 2,082,662 655,829
Balance at 30 September 2023 2 4,498,820 755,174
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 October 2021 3,073,943 211,966 3,285,909

Changes in equity
Dividends (101,948 ) - (101,948 )
Total comprehensive income (354,264 ) (82,596 ) (436,860 )
Balance at 30 September 2022 2,617,731 129,370 2,747,101

Changes in equity
Dividends (102,226 ) - (102,226 )
Total comprehensive income 2,738,491 (60,346 ) 2,678,145
Balance at 30 September 2023 5,253,996 69,024 5,323,020

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

COMPANY STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 September 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 2 1,231,624 1,231,626

Changes in equity
Dividends - (101,948 ) (101,948 )
Total comprehensive income - 75,130 75,130
Balance at 30 September 2022 2 1,204,806 1,204,808

Changes in equity
Dividends - (102,226 ) (102,226 )
Total comprehensive income - (36,473 ) (36,473 )
Balance at 30 September 2023 2 1,066,107 1,066,109

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30 September 2023

2023 2022
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (425,884 ) 2,735,181
Interest paid (46,380 ) (53,897 )
Interest element of hire purchase
payments paid

(162,245

)

(155,514

)
Tax paid (6,033 ) (127,064 )
Net cash from operating activities (640,542 ) 2,398,706

Cash flows from investing activities
Purchase of tangible fixed assets (5,467,339 ) (3,079,769 )
Sale of tangible fixed assets 9,116,785 1,056,983
Net cash from investing activities 3,649,446 (2,022,786 )

Cash flows from financing activities
Loan repayments in year (1,122,581 ) (239,158 )
Capital repayments in year 374,674 4,943
Amount introduced by directors 103,406 348,824
Amount withdrawn by directors (840,675 ) (236,376 )
Equity dividends paid (102,226 ) (101,948 )
Net cash from financing activities (1,587,402 ) (223,715 )

Increase in cash and cash equivalents 1,421,502 152,205
Cash and cash equivalents at
beginning of year

2

(538,933

)

(691,138

)

Cash and cash equivalents at end
of year

2

882,569

(538,933

)

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30 September 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
as restated
£    £   
Profit/(loss) before taxation 2,659,396 (496,926 )
Depreciation charges 1,918,861 2,866,782
Profit on disposal of fixed assets (5,027,411 ) (510,879 )
Finance costs 208,625 209,411
(240,529 ) 2,068,388
Decrease in stocks 30,640 6,505
Decrease/(increase) in trade and other debtors 357,416 (13,444 )
(Decrease)/increase in trade and other creditors (573,411 ) 673,732
Cash generated from operations (425,884 ) 2,735,181

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,431,370 418,105
Bank overdrafts (548,801 ) (957,038 )
882,569 (538,933 )
Year ended 30 September 2022
30.9.22 1.10.21
as restated
£    £   
Cash and cash equivalents 418,105 480,493
Bank overdrafts (957,038 ) (1,171,631 )
(538,933 ) (691,138 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank 418,105 1,013,265 1,431,370
Bank overdrafts (957,038 ) 408,237 (548,801 )
(538,933 ) 1,421,502 882,569
Debt
Finance leases (2,623,350 ) (374,674 ) (2,998,024 )
Debts falling due within 1 year (240,898 ) 240,898 -
Debts falling due after 1 year (881,685 ) 881,685 -
(3,745,933 ) 747,909 (2,998,024 )
Total (4,284,866 ) 2,169,411 (2,115,455 )

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 30 September 2023

1. STATUTORY INFORMATION

Tulimus 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts included in these financial statements are rounded to the nearest £.

Going concern
The group meets its day-today working capital requirements through its bank facilities and from the support of its director. The current economic conditions create some uncertainty over the level of demand for the group's services. However, with the continuing support of the director, the group's forecasts show that the group should be able to operate within the level of its current facilities.

The financial statements currently show net current assets of £464,902 (2022: net current liabilities of £1,336,680). The director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group, therefore, adopts the going concern basis in preparing its financial statements.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all entities controlled by the company, including through its subsidiaries.

All financial statements are made up to the 30 September 2023.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

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 2015, is being amortised evenly over its estimated useful life of ten years.

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 - 2% on cost
Plant and machinery - 20% on cost, 25% reducing balance or 18% on cost and at varying rates on cost
Fixtures and fittings - 25% on reducing balance and 20% on cost
Motor vehicles - 25% on reducing balance and 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

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
The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Impairment of financial assets
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as noncurrent liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 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.

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

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Critical judgements
The following judgements have had the most significant effect on amounts recognised in the financial statements.

Impairment of investments
Investments in subsidiaries are held as fixed assets and shown at cost less provision for impairment. On consolidation the carrying value of investments is eliminated.

The carrying values of fixed asset investments are reviewed for impairment when an event or changes in circumstances indicate the carrying value may not be fully recoverable.

Impairment of goodwill
Goodwill on acquisition of subsidiary undertakings are shown at cost less provision for impairment.

The carrying values of goodwill are reviewed for impairment when an event occurs or changes in circumstances indicate the carrying value may not be fully recoverable.

4. EMPLOYEES AND DIRECTORS
2023 2022
as restated
£    £   
Wages and salaries 3,237,251 2,656,024
Social security costs 333,061 276,540
Other pension costs 139,479 139,613
3,709,791 3,072,177

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022
as restated

Operations 69 43
Sales 7 6
Management & administration 35 25
111 74

2023 2022
as restated
£    £   
Director's remuneration - -

5. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

2023 2022
as restated
£    £   
Depreciation - owned assets 1,500,055 1,856,136
Depreciation - assets on hire purchase contracts 285,709 877,548
Profit on disposal of fixed assets (5,027,411 ) (510,879 )
Goodwill amortisation 133,099 133,099
Auditors' remuneration - parent company 7,584 (1,400 )
Auditors' remuneration for non audit work 2,500 13,000
Auditors' remuneration - subsidiaries 16,000 14,000
Bad debts 428,830 283,254

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£    £   
Bank interest 46,380 53,533
Corporation tax interest - 364
Hire purchase 162,245 155,514
208,625 209,411

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
as restated
£    £   
Current tax:
UK corporation tax 410,041 -

Deferred tax 227,039 (60,066 )
Tax on profit/(loss) 637,080 (60,066 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
as restated
£    £   
Profit/(loss) before tax 2,659,396 (496,926 )
Profit/(loss) multiplied by the standard rate of corporation tax in
the UK of 22.008 % (2022 - 19 %)

585,280

(94,416

)

Effects of:
Expenses not deductible for tax purposes 15,130 5,809
Capital allowances in excess of depreciation - (5,062 )
Effect on deferred tax for changes in tax rates 71,781 -
Group relief (87,542 ) 5,147
Depreciation on assets not qualifying for tax allowances 34,468 28,629
Capital gains on sale of plant & machinery 17,963 (173 )
Total tax charge/(credit) 637,080 (60,066 )

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation of fixed assets 874,439 (218,610 ) 655,829

The standard rate of corporation tax for the year is 22.008% (2022: 19%) due to an increase in the UK corporation tax rate from 19% to 25% effective from 1 April 2023.

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

9. DIVIDENDS
2023 2022
as restated
£    £   
Ordinary A share of £1
Interim 51,113 50,974
Ordinary B share of £1
Interim 51,113 50,974
102,226 101,948

10. PRIOR YEAR ADJUSTMENT

During the year, the Board was made aware, by advisors acting for the shareholders, that dividends declared by them had not been properly accounted for within the company's financial statements.

The amounts involved date back to March 2019 and are summarised below.

Impact on Financial Statements:
Increase in dividends payable:
£   
Year ended 30 September 2019 (10,000 )
Year ended 30 September 2020 69,960
Year ended 30 September 2021 101,000
Restatement of Reserves as at 30 September 2021 160,960

Year ended 30 September 2022 101,948
Restatement of Reserves as at 30 September 2022 262,908

Consequently, the Retained earnings together with Creditors Falling Due After More than One Year have been restated by £262,908.

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 1,330,993
AMORTISATION
At 1 October 2022 931,694
Amortisation for year 133,099
At 30 September 2023 1,064,793
NET BOOK VALUE
At 30 September 2023 266,200
At 30 September 2022 399,299

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 October 2022 1,312,000 14,861,412 121,797
Additions - 4,969,873 5,121
Disposals - (12,539,252 ) (103,730 )
Revaluations 874,439 - -
At 30 September 2023 2,186,439 7,292,033 23,188
DEPRECIATION
At 1 October 2022 70,324 9,992,862 108,876
Charge for year 16,115 1,507,414 5,282
Eliminated on disposal - (9,312,610 ) (103,730 )
At 30 September 2023 86,439 2,187,666 10,428
NET BOOK VALUE
At 30 September 2023 2,100,000 5,104,367 12,760
At 30 September 2022 1,241,676 4,868,550 12,921

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 October 2022 1,810,158 1,397 18,106,764
Additions 487,842 4,503 5,467,339
Disposals (1,494,618 ) - (14,137,600 )
Revaluations - - 874,439
At 30 September 2023 803,382 5,900 10,310,942
DEPRECIATION
At 1 October 2022 674,339 279 10,846,680
Charge for year 255,773 1,180 1,785,764
Eliminated on disposal (631,886 ) - (10,048,226 )
At 30 September 2023 298,226 1,459 2,584,218
NET BOOK VALUE
At 30 September 2023 505,156 4,441 7,726,724
At 30 September 2022 1,135,819 1,118 7,260,084

Included in cost or valuation of land and buildings is freehold land of £432,960 (2022 - £432,960) which is not depreciated.

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

12. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 30 September 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2015 (46,175 ) - -
Valuation in 2018 76,000 - -
Valuation in 2023 874,439 - -
Cost 1,282,175 7,292,033 23,188
2,186,439 7,292,033 23,188

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2015 - - (46,175 )
Valuation in 2018 - - 76,000
Valuation in 2023 - - 874,439
Cost 803,382 5,900 9,406,678
803,382 5,900 10,310,942

If Freehold Land and Buildings had not been revalued they would have been included at the following historical cost:

2023 2022
as restated
£    £   
Cost 1,282,175 1,282,175
Aggregate depreciation 189,979 189,979

Value of land in freehold land and buildings 661,000 661,000

Freehold Land and Buildings were valued on an open market basis on 30 September 2023 by reference to their sale in December 2023 .

The net carrying amount of assets held under finance leases included in plant and machinery and motor vehicles is £4,327,215 (2022: £3,396,620).

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 30 September 2023 4,214,234
NET BOOK VALUE
At 30 September 2023 4,214,234
At 30 September 2022 4,214,234

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Contractors/Plant Hire (Reading) Limited
Registered office: The Nucleus Business and Innovation Centre, Brunel Way, Dartford, Kent, DA1 5GA
Nature of business: Hire of plant and machinery
%
Class of shares: holding
Ordinary 100.00

The Tool Hire Centre Limited
Registered office: The Nucleus Business and Innovation Centre, Brunel Way, Dartford, Kent, DA1 5GA
Nature of business: Hire of plant and machinery
%
Class of shares: holding
Ordinary 75.00

X-Hire Limited
Registered office: 4th Floor, Centenary House, Centenary Way, Salford, M50 1RF
Nature of business: Hire of plant and machinery
%
Class of shares: holding
Ordinary 90.00


14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 October 2022
and 30 September 2023 295,000
NET BOOK VALUE
At 30 September 2023 295,000
At 30 September 2022 295,000

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

14. INVESTMENT PROPERTY - continued

Group

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2020 146,956
Valuation in 2021 (70,000 )
Cost 218,044
295,000

The property was professionally valued on 19 July 2021 by an independent valuer on the basis of full and vacant possession and that the property is unlet.

15. STOCKS

Group
2023 2022
as restated
£    £   
Stocks 2,500 33,140

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
as restated
£    £   
Trade debtors 3,061,535 3,817,600
Other debtors 490,474 158,412
Prepayments and accrued income 132,741 66,154
3,684,750 4,042,166

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
as
restated
as
restated
£    £    £    £   
Bank loans and overdrafts (see note 19)
548,801

1,197,936

-

-
Hire purchase contracts (see note 20) 1,580,936 1,691,895 - -
Trade creditors 1,651,676 2,036,120 9,360 -
Amounts owed to group undertakings - - 1,753,129 1,124,879
Tax 407,229 3,221 - -
Social security and other taxes 140,624 80,107 - -
Other creditors 247,693 487,728 - -
Directors' current accounts - 246,876 - -
Accrued expenses 76,759 86,209 9,840 18,930
4,653,718 5,830,092 1,772,329 1,143,809

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
as
restated
as
restated
£    £    £    £   
Bank loans (see note 19) - 881,685 - -
Hire purchase contracts (see note 20) 1,417,088 931,455 - -
Directors' loan accounts 1,375,857 1,866,250 1,375,857 1,866,250
2,792,945 3,679,390 1,375,857 1,866,250

19. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
as restated
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 548,801 957,038
Bank loans - 63,120
CBIL - 177,778
548,801 1,197,936
Amounts falling due between one and two years:
Bank loans - 570,574
CBIL - 311,111
- 881,685

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
as restated
£    £   
Net obligations repayable:
Within one year 1,580,936 1,691,895
Between one and five years 1,417,088 931,455
2,998,024 2,623,350

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

20. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
as restated
£    £   
Within one year 304,000 202,367
Between one and five years 620,000 117,500
In more than five years 439,167 -
1,363,167 319,867

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
as restated
£    £   
Bank overdrafts 548,801 957,038
Bank loans - 1,122,583
Hire purchase contracts 2,998,024 2,623,350
3,546,825 4,702,971

The group's borrowing facilities are secured by a fixed and floating charge over the current and future assets of the business together with a legal charge over the freehold property.

Hire purchase contracts are individually secured against the assets to which they relate.

22. PROVISIONS FOR LIABILITIES

Group
2023 2022
as restated
£    £   
Deferred tax 636,862 191,213

Group
Deferred
tax
£   
Balance at 1 October 2022 191,213
Provided during year 227,039
Revaluation of fixed assets 218,610
Balance at 30 September 2023 636,862

The deferred tax liability expected to reverse in 2024 is £289,000. this primarily relates to the sale of land and buildings in December 2023.

TULIMUS LIMITED (REGISTERED NUMBER: 09629071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as
restated
£    £   
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
2 2

There are two classes of shares. Both have full rights in respect of voting and entitlement to full participation in respect of equity.

24. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 October 2022 2,518,383 99,345 2,617,728
Profit for the year 2,082,662 - 2,082,662
Dividends (102,226 ) - (102,226 )
Revaluation of fixed assets - 655,829 655,829
At 30 September 2023 4,498,819 755,174 5,253,993

The revaluation of fixed assets is stated net of tax.

25. NON-CONTROLLING INTERESTS

The movements in non-controlling interests was as follows:

2023 2022
£ £

Balance as at 1 October 129,370 211,966

Total comprehensive income attributable to non-controlling interests (60,346 ) (82,596 )

Balance as at 30 September 69,024 129,370

26. POST BALANCE SHEET EVENTS

In December 2023, one of the subsidiaries sold land and buildings for net proceeds of £2.14 million. Consequently, these land and buildings were revalued as at 30 September 2023 by reference to this.

27. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J A Stevens.