IRIS Accounts Production v24.2.0.383 05577904 Board of Directors Board of Directors 31.1.24 1.2.23 31.1.24 31.1.24 The group's principal activities are the design, manufacture and erection of structural steelwork and cladding systems in Traditional Structures Limited ("Structures") and property development in Traditional Structures Developments Limited ("Developments"). true true false true false false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure055779042023-01-31055779042024-01-31055779042023-02-012024-01-31055779042022-01-31055779042022-02-012023-01-31055779042023-01-3105577904ns16:EnglandWales2023-02-012024-01-3105577904ns15:PoundSterling2023-02-012024-01-3105577904ns11:Director12023-02-012024-01-3105577904ns11:Director22023-02-012024-01-3105577904ns11:Consolidated2024-01-3105577904ns11:ConsolidatedGroupCompanyAccounts2023-02-012024-01-3105577904ns11:PrivateLimitedCompanyLtd2023-02-012024-01-3105577904ns11:SmallEntitiesns11:Consolidated2023-02-012024-01-3105577904ns11:Consolidatedns11:AuditExemptWithAccountantsReport2023-02-012024-01-3105577904ns11:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3105577904ns11:SmallCompaniesRegimeForAccounts2023-02-012024-01-3105577904ns11:Consolidatedns11:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3105577904ns11:SmallCompaniesRegimeForAccountsns11:Consolidated2023-02-012024-01-3105577904ns11:FullAccounts2023-02-012024-01-3105577904ns6:Subsidiary12023-02-012024-01-3105577904ns6:Subsidiary22023-02-012024-01-3105577904ns11:Consolidated2023-02-012024-01-3105577904ns11:CompanySecretary12023-02-012024-01-3105577904ns11:RegisteredOffice2023-02-012024-01-3105577904ns11:Consolidated2022-02-012023-01-3105577904ns6:CurrentFinancialInstruments2024-01-3105577904ns6:CurrentFinancialInstruments2023-01-3105577904ns6:ShareCapital2024-01-3105577904ns6:ShareCapital2023-01-3105577904ns6:RetainedEarningsAccumulatedLosses2024-01-3105577904ns6:RetainedEarningsAccumulatedLosses2023-01-3105577904ns6:ShareCapital2022-01-3105577904ns6:RetainedEarningsAccumulatedLosses2022-01-3105577904ns6:RetainedEarningsAccumulatedLosses2022-02-012023-01-3105577904ns6:RetainedEarningsAccumulatedLosses2023-02-012024-01-3105577904ns6:CostValuation2023-01-31055779041ns6:Subsidiary12023-02-012024-01-3105577904ns6:Subsidiary12024-01-3105577904ns6:Subsidiary12023-01-3105577904ns6:Subsidiary12022-02-012023-01-3105577904ns6:Subsidiary232023-02-012024-01-3105577904ns6:Subsidiary22024-01-3105577904ns6:Subsidiary22023-01-3105577904ns6:WithinOneYearns6:CurrentFinancialInstruments2024-01-3105577904ns6:WithinOneYearns6:CurrentFinancialInstruments2023-01-3105577904ns6:AfterOneYearns6:Non-currentFinancialInstruments2024-01-3105577904ns6:AfterOneYearns6:Non-currentFinancialInstruments2023-01-310557790412023-02-012024-01-31
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: P Hadley
Miss JA Davis





SECRETARY: P Hadley





REGISTERED OFFICE: Findel Works
Landywood Lane
Cheslyn Hay
Walsall
WS6 7AJ





REGISTERED NUMBER: 05577904 (England and Wales)





ACCOUNTANTS: Lester Accounting Ltd
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.

P Hadley
Miss JA Davis

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:





P Hadley - Director


23 May 2024

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 81,921 98,332

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 3 3
3 3

CURRENT ASSETS
Debtors 7 10,948 10,948
Cash at bank 32,962 32,652
43,910 43,600
CREDITORS
Amounts falling due within one year 8 79 26
NET CURRENT ASSETS 43,831 43,574
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,834

43,577

CAPITAL AND RESERVES
Called up share capital 80 80
Retained earnings 43,754 43,497
SHAREHOLDERS' FUNDS 43,834 43,577

Company's profit for the financial year 220,257 25

The company is 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 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 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 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:




P Hadley - Director



Miss JA Davis - Director


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 80 43,472 43,552

Changes in equity
Total comprehensive income - 25 25
Balance at 31 January 2023 80 43,497 43,577

Changes in equity
Dividends - (220,000 ) (220,000 )
Total comprehensive income - 220,257 220,257
Balance at 31 January 2024 80 43,754 43,834

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 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 25 (2023 - 27 ) .

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 3
NET BOOK VALUE
At 31 January 2024 3
At 31 January 2023 3

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

Subsidiaries

Traditional Structures Limited
Registered office: Findell Works, Landywood Lane, Cheslyn Hay, Walsall, West Midlands WS6 7AJ
Nature of business: Structural engineers
%
Class of shares: holding
Ordinary 100.00
31.1.24 31.1.23
£    £   
Aggregate capital and reserves 988,997 1,127,333
Profit for the year 81,664 98,307

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

Traditional Structures Developments Limited
Registered office: Findell Works, Landywood Lane, Cheslyn Hay, Walsall, West Midlands WS6 7AJ
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
31.1.24 31.1.23
£    £   
Aggregate capital and reserves 1 1


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 - - 10,948 10,948
Other debtors 130,173 253,179 - -
843,047 1,038,067 10,948 10,948

Amounts falling due after more than one year:
Trade debtors 15,937 112,206 - -

Aggregate amounts 858,984 1,150,273 10,948 10,948

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 59 6
Other creditors 43,816 33,223 20 20
721,915 944,199 79 26

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

The company is ultimately controlled by its directors P Hadley and Miss JA Davis.