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REGISTERED NUMBER: 02688454 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 December 2023

for

TARPAFLEX LIMITED

TARPAFLEX LIMITED (REGISTERED NUMBER: 02688454)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TARPAFLEX LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R Page
G Page





SECRETARY: G Page





REGISTERED OFFICE: The Granary
Rockey Lane
Northlew
Okehampton
EX20 3BR





REGISTERED NUMBER: 02688454 (England and Wales)





ACCOUNTANTS: Haines Watts
3 Southernhay West
Exeter
Devon
EX1 1JG

TARPAFLEX LIMITED (REGISTERED NUMBER: 02688454)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 279,372 165,083

CURRENT ASSETS
Stocks 594,159 580,704
Debtors 6 322,212 415,497
Cash at bank and in hand 443,767 471,796
1,360,138 1,467,997
CREDITORS
Amounts falling due within one year 7 (498,103 ) (619,536 )
NET CURRENT ASSETS 862,035 848,461
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,141,407

1,013,544

CREDITORS
Amounts falling due after more than one
year

8

(147,294

)

(143,747

)

PROVISIONS FOR LIABILITIES (16,376 ) (5,650 )
NET ASSETS 977,737 864,147

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 977,637 864,047
977,737 864,147

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

TARPAFLEX LIMITED (REGISTERED NUMBER: 02688454)

Balance Sheet - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2024 and were signed on its behalf by:





R Page - Director


TARPAFLEX LIMITED (REGISTERED NUMBER: 02688454)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Tarpaflex 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts chargeable in respect of the sale of goods to customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on reducing balance
Plant and machinery - 20% on cost
Other tangibles - 33% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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.

TARPAFLEX LIMITED (REGISTERED NUMBER: 02688454)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for one director. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

TARPAFLEX LIMITED (REGISTERED NUMBER: 02688454)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Freehold Plant and Other Motor
property machinery tangibles vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 363,849 102,074 903 72,250 539,076
Additions 70,628 21,687 1,728 64,385 158,428
Disposals - - - (43,907 ) (43,907 )
At 31 December 2023 434,477 123,761 2,631 92,728 653,597
DEPRECIATION
At 1 January 2023 225,542 89,160 748 58,543 373,993
Charge for year 12,560 7,291 340 11,568 31,759
Eliminated on disposal - - - (31,527 ) (31,527 )
At 31 December 2023 238,102 96,451 1,088 38,584 374,225
NET BOOK VALUE
At 31 December 2023 196,375 27,310 1,543 54,144 279,372
At 31 December 2022 138,307 12,914 155 13,707 165,083


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 244,618 292,087
Other debtors 33,199 7,122
Directors' current accounts 41,702 113,449
Prepayments 2,693 2,839
322,212 415,497

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 25,840 25,840
Hire purchase contracts 14,635 -
Trade creditors 155,798 228,250
Factoring 187,203 233,396
Tax 36,957 46,719
PAYE and NIC creditor 10,604 8,343
VAT 70,922 77,620
Wages and salaries control (9,708 ) (6,197 )
Pension Control Account 1,337 1,365
Accruals 4,515 4,200
498,103 619,536

TARPAFLEX LIMITED (REGISTERED NUMBER: 02688454)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 25,840 25,840
Bank loans - 2-5 years 55,020 65,134
Bank loans more 5 yr by instal 38,037 52,773
Hire purchase contracts 28,397 -
147,294 143,747

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 38,037 52,773

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 144,737 169,587
Hire purchase contracts 43,032 -
187,769 169,587

The company has a debenture in place over amounts due to Amicus Commercial Finance No 1 Limited.

Hire purchase liabilities are secured over the asset to which the liability relates.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
R Page
Balance outstanding at start of year 57,377 54,792
Amounts advanced 19,064 2,585
Amounts repaid (59,700 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,741 57,377

TARPAFLEX LIMITED (REGISTERED NUMBER: 02688454)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

G Page
Balance outstanding at start of year 56,072 53,216
Amounts advanced 24,638 2,856
Amounts repaid (55,749 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,961 56,072

Interest is being charged at the official rate. The loan is repayable on demand.

11. RELATED PARTY DISCLOSURES

At the balance sheet date, a related party had an amount due to the company of £19,124 (2022:£7,122).