Company registration number 05749658 (England and Wales)
TCF (WILTSHIRE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TCF (WILTSHIRE) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
TCF (WILTSHIRE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
433,711
489,417
Investment property
5
165,000
165,000
Investments
6
50
50
598,761
654,467
Current assets
Stocks
96,208
211,769
Debtors
7
168,823
30,848
Cash at bank and in hand
-
0
7,272
265,031
249,889
Creditors: amounts falling due within one year
8
(258,431)
(206,357)
Net current assets
6,600
43,532
Total assets less current liabilities
605,361
697,999
Creditors: amounts falling due after more than one year
9
(30,590)
(70,710)
Provisions for liabilities
(49,280)
(61,820)
Net assets
525,491
565,469
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
525,391
565,369
Total equity
525,491
565,469

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

TCF (WILTSHIRE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mr D G Sully
Director
Company registration number 05749658 (England and Wales)
TCF (WILTSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

TCF (Wiltshire) Limited is a private company limited by shares incorporated in England and Wales. The trading address is Thingley Court Farm, Corsham, CHIPPENHAM, Wiltshire, SN13 9QQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

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

The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 December 2023 are the first financial statements of TCF (Wiltshire) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2022. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 12.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
4% reducing balance
Plant and machinery
15% reducing balance
Fixtures & fittings
15% reducing balance
Office equipment
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

TCF (WILTSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

TCF (WILTSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TCF (WILTSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

TCF (WILTSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
BPS Entitlements
£
Cost
At 1 January 2023
11,839
Disposals
(11,839)
At 31 December 2023
-
0
Amortisation and impairment
At 1 January 2023
11,839
Disposals
(11,839)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
TCF (WILTSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures & fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
268,631
591,232
4,746
702
25,392
890,703
Additions
-
0
-
0
-
0
83
-
0
83
At 31 December 2023
268,631
591,232
4,746
785
25,392
890,786
Depreciation and impairment
At 1 January 2023
128,914
264,284
4,378
133
3,577
401,286
Depreciation charged in the year
5,588
49,044
55
86
1,016
55,789
At 31 December 2023
134,502
313,328
4,433
219
4,593
457,075
Carrying amount
At 31 December 2023
134,129
277,904
313
566
20,799
433,711
At 31 December 2022
139,717
326,948
368
569
21,815
489,417
5
Investment property
2023
£
Fair value
At 1 January 2023
165,000
Additions
35
Revaluations
(35)
At 31 December 2023
165,000

The fair value of the investment property has been arrived at on the basis of a valuation. The valuation was made on an open market value basis by an unconnected third party with reference to market evidence of transaction prices for similar properties.

At 31 December 2022 and 31 December 2023, the fair value of the property in the financial statements was assessed by the directors based on their knowledge of the property and documented trends in the local property market.

6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
50
50
TCF (WILTSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
438
18,166
Other debtors
168,385
12,682
168,823
30,848
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
88,839
10,000
Trade creditors
26,554
71,345
Corporation tax
14,885
5,071
Other creditors
128,153
119,941
258,431
206,357

The hire purchase liabilities of £30,120 (2022 - £39,391) are secured on the assets to which they relate. These liabilities are the portions due within one year of the total liability, for which the remainder of the balance is disclosed in note 7 of the accounts.
The company has taken out a Bounce Back loan, to ensure business continuity during the Covid-19 crisis.The Bounce Back loan liability due within one year was £10,000 (2022 - £10,000). In line with all such loans, 100% of this loan is guaranteed by the UK Government. This liability is the portions due within one year of the total liability, for which the remainder of the balance is disclosed in note 7 of the accounts.

 

 

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,833
25,833
Other creditors
14,757
44,877
30,590
70,710

The hire purchase liabilities of £14,757 (2022 - £44,877) are secured on the assets to which they relate. These liabilities are the portions due of the total liability after one year, for which the balance due in under 1 year disclosed in note 6 of the accounts.
The Bounce Back loan liability due after 1 year was £15,833 (2022 - £25,833). In line with all such loans, 100% of this loan is guaranteed by the UK Government. This liability the portion due of the total liability after one year, for which the balance due in under 1 year is disclosed in note 6 of the accounts.

 

 

TCF (WILTSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
10
Related party transactions

At the year end the company owed the directors £7,783 (2022 - £53,542). This loan is repayable on demand and interest free.

11
Directors' transactions

Advances have been granted by the company to its directors as listed below. This loan is interest free and is repayable within 9 months of the accounting year end.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan
-
6,877
219,914
(108,035)
118,756
6,877
219,914
(108,035)
118,756
TCF (WILTSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
12
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 January
31 December
2022
2022
Notes
£
£
Equity as reported under previous UK GAAP
695,152
714,449
Adjustments arising from transition to FRS 102:
Investment property at fair value
1
(62,214)
(61,553)
Deferred tax
2
(62,964)
(87,427)
Equity reported under FRS 102
569,974
565,469
Reconciliation of profit for the financial period
2022
Notes
£
Profit as reported under previous UK GAAP
80,917
Adjustments arising from transition to FRS 102:
Investment property at fair value
1
660
Deferred tax
2
(24,462)
Profit reported under FRS 102
57,115
Notes to reconciliations on adoption of FRS 102
Investment property at fair value

On transition to FRS 102, the directors have applied the provisions of section 16 and have measured investment properties at fair value through profit and loss. This has resulted in a transfer between the revaluation reserve and the profit and loss reserve at 01/01/2022 of £72,334. In the year ended 31/12/2022, the decrease in value of investment properties of £5,981 has been included in the profit and loss account within 'other gains and losses'. In accordance with section 19 of FRS 102, a related deferred tax asset of £24,111 was offset against against the deferred tax liability of £62,964 recognised in note 2 at 01/01/2022. An additional timing difference of £1,495 was recognised in the profit and loss and offset against the charge of £24,462 per note 2 in the year ended 31/12/2022.


As at 01/01/2022, brought forward depreciation of £10,120 was reversed and adjusted to brought forward retained earnings. In the year ending 31/12/2023 the current year depreciation of £5,146 was reversed.

Deferred tax

Under FRS102, the directors have recognised deferred tax liabilities in relation to the tax timing differences in plant and machinery. Consequently, a deferred tax liability has been recognised on the difference between the net book value and the tax written down value of the asset. The deferred tax liability at 01/01/2022 was £62,964, which was offset against the deferred tax asset recognised in note 1, reduced the distributable reserves by £38,853. During the year ended 31/12/2022, the provision increased by £24,462, this was offset against the deferred tax asset provision recognised in note 1, reducing profit by £22,967 for the year.

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