REGISTERED NUMBER: 05577904 (England and Wales) |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
for |
Traditional Holdings Limited |
REGISTERED NUMBER: 05577904 (England and Wales) |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
for |
Traditional Holdings Limited |
Traditional Holdings Limited (Registered number: 05577904) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Consolidated Statement of Changes in Equity | 8 |
Company Statement of Changes in Equity | 9 |
Notes to the Consolidated Financial Statements | 10 |
Traditional Holdings Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
84 Wellington Drive |
Cannock |
Staffordshire |
WS11 1PX |
Traditional Holdings Limited (Registered number: 05577904) |
Report of the Directors |
for the Year Ended 31 January 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024. |
REVIEW OF BUSINESS |
The results for the year and the financial position of the Group and the Company are shown in the annexed financial statements. |
The last 12 month trading period has been a little volatile once again with the impact of the Ukraine invasion and restricted government spending on public projects affecting general construction. |
There have been price hikes and general price volatility in materials and labour that have also impacted on the confidence of the construction sector with some projects either being delayed, suspended or completely scrapped which has then in turn resulted in fewer opportunities and more companies chasing a smaller pool of work. |
We have intentionally avoided projects priced too competitively as we consider them likely to result in significant financial loss further we see little point in accepting work to keep busy only to increase losses further. |
The Group has once again been completely self -financed with excellent cash flow throughout the year. It has also retained its loyal, dedicated and experienced team in all departments with natural 'wastage' of personnel serving to suit productivity and turnover. |
The accounts show a reduced turnover for the last 12 months which was and continues to be a purposeful and conscious decision to reduce financial risk and maintain a similar level of profit to the previous financial year. |
2023 has been a year for us to consolidate our market and financial position ready for when there is an upturn in market conditions and with a retained cash flow that will allow us to maintain our position of self - financing. |
There has been no major expenditure on plant and equipment due to our desire to retain a flexible production process that can adapt to all construction needs. |
The Group continues to focus on the financial stability of its customers in order to reduce financial risk and retain excellent cash flow whilst also controlling market impact on material price increases. |
In summary we have achieved a satisfactory and controlled trading ethos. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Traditional Holdings Limited (Registered number: 05577904) |
Consolidated Income Statement |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
£ | £ |
TURNOVER | 4,796,465 | 6,588,298 |
Cost of sales | 3,624,621 | 5,498,552 |
GROSS PROFIT | 1,171,844 | 1,089,746 |
Administrative expenses | 1,072,710 | 969,539 |
OPERATING PROFIT | 99,134 | 120,207 |
Interest receivable and similar income | 9,256 | 3,395 |
108,390 | 123,602 |
Interest payable and similar expenses | 878 | 878 |
PROFIT BEFORE TAXATION | 107,512 | 122,724 |
Tax on profit | 25,591 | 24,392 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 81,921 | 98,332 |
Traditional Holdings Limited (Registered number: 05577904) |
Consolidated Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 | 68,567 | 87,354 |
Investments | 6 | - | - |
68,567 | 87,354 |
CURRENT ASSETS |
Stocks | 3,155 | 71,679 |
Debtors | 7 | 858,984 | 1,150,273 |
Cash at bank and in hand | 843,068 | 836,515 |
1,705,207 | 2,058,467 |
CREDITORS |
Amounts falling due within one year | 8 | 721,915 | 944,199 |
NET CURRENT ASSETS | 983,292 | 1,114,268 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,051,859 |
1,201,622 |
CREDITORS |
Amounts falling due after more than one year |
9 |
(2,228 |
) |
(8,912 |
) |
PROVISIONS FOR LIABILITIES | (16,800 | ) | (21,800 | ) |
NET ASSETS | 1,032,831 | 1,170,910 |
CAPITAL AND RESERVES |
Called up share capital | 80 | 80 |
Retained earnings | 1,032,751 | 1,170,830 |
SHAREHOLDERS' FUNDS | 1,032,831 | 1,170,910 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
Traditional Holdings Limited (Registered number: 05577904) |
Consolidated Balance Sheet - continued |
31 January 2024 |
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 Board of Directors and authorised for issue on 23 May 2024 and were signed on its behalf by: |
Miss JA Davis - Director |
P Hadley - Director |
Traditional Holdings Limited (Registered number: 05577904) |
Company Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 220,257 | 25 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Traditional Holdings Limited (Registered number: 05577904) |
Company Balance Sheet - continued |
31 January 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Traditional Holdings Limited (Registered number: 05577904) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 January 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2022 | 80 | 1,072,498 | 1,072,578 |
Changes in equity |
Total comprehensive income | - | 98,332 | 98,332 |
Balance at 31 January 2023 | 80 | 1,170,830 | 1,170,910 |
Changes in equity |
Dividends | - | (220,000 | ) | (220,000 | ) |
Total comprehensive income | - | 81,921 | 81,921 |
Balance at 31 January 2024 | 80 | 1,032,751 | 1,032,831 |
Traditional Holdings Limited (Registered number: 05577904) |
Company Statement of Changes in Equity |
for the Year Ended 31 January 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
Traditional Holdings Limited (Registered number: 05577904) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Traditional Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate the results of Traditional Holdings Limited and all of its subsidiary undertakings as at 31 January 2024 using the acquisition or merger method of accounting as required. Where the acquisition method is used, the results of subsidiary undertakings are included from the date of acquisition. The company has taken advantage of the exemption conferred by section 408 of the Companies Act 2006 not to present its unconsolidated profit and loss account. |
Turnover |
Turnover represents sales to external customers at invoiced amounts less value added tax. |
Tangible fixed assets |
Depreciation is provided to write off the cost, less estimated residual values, of all tangible fixed assets over their expected useful lives.It is calculated at the following rates: |
Motor vehicles | - 25% reducing balance |
Plant and equipment | - 25% reducing balance |
Computer equipment | - 33.33% straight line |
Leasehold improvements | - 10% straight line |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost include all direct costs and an appropriate proportion of fixed and variable overheads. Payments received on account are deducted from stock with excess payments on account shown in creditors. |
Long - term contracts |
Long - term contracts are assessed on a contract by contract basis and are reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Where the outcome of each long - term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the profit and loss account as the difference between the reported turnover and related costs for that contract. |
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. |
Traditional Holdings Limited (Registered number: 05577904) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
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 |
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account. |
Lease payments are analysed between capital and interest components. The interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor. |
All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the term of the lease. |
Pension costs and other post-retirement benefits |
Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in the year in which they become payable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | 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. |
Traditional Holdings Limited (Registered number: 05577904) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
5. | TANGIBLE FIXED ASSETS |
Group |
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2023 | 290,396 |
Additions | 10,800 |
At 31 January 2024 | 301,196 |
DEPRECIATION |
At 1 February 2023 | 203,042 |
Charge for year | 29,587 |
At 31 January 2024 | 232,629 |
NET BOOK VALUE |
At 31 January 2024 | 68,567 |
At 31 January 2023 | 87,354 |
6. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Findell Works, Landywood Lane, Cheslyn Hay, Walsall, West Midlands WS6 7AJ |
Nature of business: |
% |
Class of shares: | holding |
31.1.24 | 31.1.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Traditional Holdings Limited (Registered number: 05577904) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
Registered office: Findell Works, Landywood Lane, Cheslyn Hay, Walsall, West Midlands WS6 7AJ |
Nature of business: |
% |
Class of shares: | holding |
31.1.24 | 31.1.23 |
£ | £ |
Aggregate capital and reserves |
7. | DEBTORS |
Group | Company |
31.1.24 | 31.1.23 | 31.1.24 | 31.1.23 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 712,874 | 784,888 |
Amounts owed by group undertakings | - | - |
Other debtors | 130,173 | 253,179 |
843,047 | 1,038,067 |
Amounts falling due after more than one | year: |
Trade debtors | 15,937 | 112,206 |
Aggregate amounts | 858,984 | 1,150,273 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.1.24 | 31.1.23 | 31.1.24 | 31.1.23 |
£ | £ | £ | £ |
Hire purchase contracts | 6,685 | 6,685 |
Payments received on account | 176,779 | 244,792 |
Trade creditors | 439,770 | 601,009 |
Taxation and social security | 54,865 | 58,490 |
Other creditors | 43,816 | 33,223 |
721,915 | 944,199 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.1.24 | 31.1.23 |
£ | £ |
Hire purchase contracts | 2,228 | 8,912 |
Traditional Holdings Limited (Registered number: 05577904) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Traditional Structures Limited a subsidiary company, paid rent of £83,000 (2023 - £77,000) in respect of land and buildings to The James Hay Pension Plan for P Hadley and Miss JA Davis. |
Included in other creditors is an amount of £10,000 owing to Miss JA Davis (2023 - £nil). |
11. | ULTIMATE CONTROLLING PARTY |