Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseNo description of principal activity4444trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07038655 2023-01-01 2023-12-31 07038655 2022-01-01 2022-12-31 07038655 2023-12-31 07038655 2022-12-31 07038655 2022-01-01 07038655 c:Director4 2023-01-01 2023-12-31 07038655 d:Buildings 2023-01-01 2023-12-31 07038655 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 07038655 d:Buildings d:LongLeaseholdAssets 2023-12-31 07038655 d:Buildings d:LongLeaseholdAssets 2022-12-31 07038655 d:PlantMachinery 2023-01-01 2023-12-31 07038655 d:PlantMachinery 2023-12-31 07038655 d:PlantMachinery 2022-12-31 07038655 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07038655 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07038655 d:CurrentFinancialInstruments 2023-12-31 07038655 d:CurrentFinancialInstruments 2022-12-31 07038655 d:CurrentFinancialInstruments 1 2023-12-31 07038655 d:CurrentFinancialInstruments 1 2022-12-31 07038655 d:Non-currentFinancialInstruments 2023-12-31 07038655 d:Non-currentFinancialInstruments 2022-12-31 07038655 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07038655 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07038655 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07038655 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07038655 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 07038655 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 07038655 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 07038655 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 07038655 d:ShareCapital 2023-01-01 2023-12-31 07038655 d:ShareCapital 2023-12-31 07038655 d:ShareCapital 2022-01-01 2022-12-31 07038655 d:ShareCapital 2022-12-31 07038655 d:ShareCapital 2022-01-01 07038655 d:RevaluationReserve 2023-01-01 2023-12-31 07038655 d:RevaluationReserve 2023-12-31 07038655 d:RevaluationReserve 2022-01-01 2022-12-31 07038655 d:RevaluationReserve 2022-12-31 07038655 d:RevaluationReserve 2022-01-01 07038655 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07038655 d:RetainedEarningsAccumulatedLosses 2023-12-31 07038655 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07038655 d:RetainedEarningsAccumulatedLosses 2022-12-31 07038655 d:RetainedEarningsAccumulatedLosses 2022-01-01 07038655 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 07038655 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 07038655 c:FRS102 2023-01-01 2023-12-31 07038655 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07038655 c:FullAccounts 2023-01-01 2023-12-31 07038655 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07038655 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 07038655 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 07038655 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 07038655 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 07038655 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07038655 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07038655 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07038655










TYNE GANGWAY (STRUCTURES) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TYNE GANGWAY (STRUCTURES) LIMITED
REGISTERED NUMBER: 07038655

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
149,404
145,046

  
149,404
145,046

Current assets
  

Stocks
  
664,341
653,589

Debtors: amounts falling due within one year
 5 
1,847,555
1,336,158

Cash at bank and in hand
 6 
57,513
116,285

  
2,569,409
2,106,032

Creditors: amounts falling due within one year
 7 
(1,757,667)
(1,368,494)

Net current assets
  
 
 
811,742
 
 
737,538

Total assets less current liabilities
  
961,146
882,584

Creditors: amounts falling due after more than one year
 8 
(75,265)
(114,762)

Provisions for liabilities
  

Deferred tax
 12 
(35,282)
(33,591)

  
 
 
(35,282)
 
 
(33,591)

Net assets
  
850,599
734,231


Capital and reserves
  

Called up share capital 
  
2
2

Revaluation reserve
 13 
26,192
36,042

Profit and loss account
 13 
824,405
698,187

  
850,599
734,231

Page 1

 
TYNE GANGWAY (STRUCTURES) LIMITED
REGISTERED NUMBER: 07038655
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.




................................................
J Russell
Director

The notes on pages 4 to 15 form part of these financial statements.
Page 2

 
TYNE GANGWAY (STRUCTURES) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
2
61,336
603,081
664,419


Comprehensive income for the year

Profit for the year
-
-
69,812
69,812
Total comprehensive income for the year
-
-
69,812
69,812

Transfer to/from profit and loss account
-
(25,294)
25,294
-


Total transactions with owners
-
(25,294)
25,294
-



At 1 January 2023
2
36,042
698,187
734,231


Comprehensive income for the year

Profit for the year
-
-
116,368
116,368
Total comprehensive income for the year
-
-
116,368
116,368

Transfer to/from profit and loss account
-
(9,850)
9,850
-


Total transactions with owners
-
(9,850)
9,850
-


At 31 December 2023
2
26,192
824,405
850,599


The notes on pages 4 to 15 form part of these financial statements.
Page 3

 
TYNE GANGWAY (STRUCTURES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tyne Gangway (Structures) Limited (company number: 07038655) is a private company limited by shares and incorporated in England and Wales. Its registered office is Benbecula Office, Wincomblee Road, Newcastle upon Tyne, Tyne and Wear, NE6 3QS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has cash resources and is supported by finance providers and shareholders. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
TYNE GANGWAY (STRUCTURES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.5

Long-term contracts

Turnover and profit are recognised on long-term contracts as contract activity progresses and is calculated by reference to the cost of work performed to date as a proportion of the total contract cost where the outcome can be assessed with reasonable certainty. Provisions for foreseeable losses are recognised in full when identified. 

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
TYNE GANGWAY (STRUCTURES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 6

 
TYNE GANGWAY (STRUCTURES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, Depreciation is calculated on either a reducing balance or straight-line basis as shown below.

Depreciation is provided on the following basis:

Freehold property
-
Straight-line basis over 20 years
Leasehold improvements
-
Reducing balance or straight-line basis at rates of 20% to 25% per annum
Plant and machinery
-
Reducing balance or straight-line basis at rates of 20% to 25% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carry amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in the profit or loss.

  
2.10

Stock

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 7

 
TYNE GANGWAY (STRUCTURES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 44 (2022 - 44).

Page 8

 
TYNE GANGWAY (STRUCTURES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
19,969
420,494
440,463


Additions
-
42,110
42,110



At 31 December 2023

19,969
462,604
482,573



Depreciation


At 1 January 2023
13,034
282,383
295,417


Charge for the year on owned assets
1,734
36,018
37,752



At 31 December 2023

14,768
318,401
333,169



Net book value



At 31 December 2023
5,201
144,203
149,404



At 31 December 2022
6,935
138,111
145,046

The net book value of assets on which there is an outstanding hire purchase liability is £28,544

Page 9

 
TYNE GANGWAY (STRUCTURES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
910,999
586,043

Amounts owed by group undertakings
483,455
438,303

Other debtors
38,490
74,059

Prepayments and accrued income
414,611
237,753

1,847,555
1,336,158



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
57,513
116,285

57,513
116,285


Page 10

 
TYNE GANGWAY (STRUCTURES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
40,000
40,000

Trade creditors
434,098
199,652

Amounts owed to group undertakings
421,807
340,406

Other taxation and social security
62,574
114,938

Obligations under finance lease and hire purchase contracts
13,388
6,400

Proceeds of factored debts
123,009
81,768

Accruals and deferred income
662,791
585,330

1,757,667
1,368,494


The following liabilities were secured:

2023
2022
£
£



Bank loans
40,000
40,000

Invoice discount facility
123,009
81,768

Hire purchase liabilities
13,388
6,400

176,397
128,168

Details of security provided:

Bank loans and the invoicing discount facility are secured at the year end by way of a fixed and floating charges over the Company's assets. 
Hire purchase liabilities are secured on the assets to which they relate. 

Page 11

 
TYNE GANGWAY (STRUCTURES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
63,333
103,333

Net obligations under finance leases and hire purchase contracts
11,932
11,429

75,265
114,762


The following liabilities were secured:

2023
2022
£
£



Bank loans
63,333
103,333

Hire purchase liabilities
11,932
11,429

75,265
114,762

Details of security provided:

Bank loans are secured at the year end by way of a fixed and floating charges over the Company's assets. 
Hire purchase liabilities are secured on the assets to which they relate.

Page 12

 
TYNE GANGWAY (STRUCTURES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
40,000
40,000


40,000
40,000

Amounts falling due 1-2 years

Bank loans
40,000
40,000


40,000
40,000

Amounts falling due 2-5 years

Bank loans
23,333
63,333


23,333
63,333


103,333
143,333


Interest is charged at 2.69% above Bank of England base rate.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
13,388
6,400

Between 1-5 years
11,932
11,429

25,320
17,829

Page 13

 
TYNE GANGWAY (STRUCTURES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
57,513
116,285




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand. 


12.


Deferred taxation




2023


£






At beginning of year
(33,591)


Charged to profit or loss
(1,691)



At end of year
(35,282)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(35,282)
(33,591)

(35,282)
(33,591)


13.


Reserves

Revaluation reserve

This reserve records the cumulative amount of tangible fixed asset revaluations. Movement is detailed in the Statement of Changes in Equity.

Profit and loss account

This reserve records the cumulative amount of profits and losses less any distribution of dividends. Movement is detailed in the Statement of Changes in Equity.

Page 14

 
TYNE GANGWAY (STRUCTURES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Controlling party

The immediate parent company is Lift-Rite Holdings Limited, a company incorporated in England and Wales, company number 06650091. 
The ultimate parent company is Benbecula Group Ltd, a company incorporated in England and Wales, company number 10441848.
Benbecula Group Ltd is controlled by Mr JP Reece and Mrs SE Reece.
Page 15