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REGISTERED NUMBER: 04030203 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TUCKER FRENCH LIMITED

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Independent Auditors' Report 6

Statement of Comprehensive Income 10

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


TUCKER FRENCH LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Mr M A French
Mr A B Tucker
Mr R E Petty





SECRETARY: Mr R E Petty





REGISTERED OFFICE: Unit 4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE





REGISTERED NUMBER: 04030203 (England and Wales)





AUDITORS: Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

STRATEGIC REPORT
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The company's principal activity is that of plumbing and heating merchants.

Turnover achieved in the year amounted to £21,560,335 (2022: £21,044,105). Profit before taxation on continuing operations amounted to £76,384 (2022: £725,534).

Late 2022 the company closed the Fulham Showroom and Park Royal branch following a strategic review and the final costs in relation to these branches are presented as a discontinued operation. Throughout 2023 the Company has experienced pressure to its trading margins as a result of the downturn in the general economy, the impact of which is industry wide. Management have continued with their strategy of reviewing their operational divisions; being branches, showrooms and online platforms, on a quarterly basis to assess the performance of each division and its contribution to the company. As part of the strategic review Management have closed the distribution center and made staff redundancies to reduce its cost base. Management have also focused on reducing stock levels and have continued to reduce stock levels in 2024 to protect against cashflow pressures and see the return of great profitability.

These strategic reviews are integral to the future of the business. They consider the divisions contribution to the company financially, operationally and strategically by considering changing consumer habits, the economy and the needs of the existing loyal customer base. Management will continue to review their quarterly performance at a divisional level to aim to return to greater profitability as experienced in less economically challenging times.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's trading activities expose it to a certain level of financial risk, which includes economic, price, credit and liquidity risks. The board have procedures in place to regularly review the potential risks that the company may face.

Liquidity Risk
The directors consider that exposure to liquidity risk is minimised as the existing reserves provide adequate collateral if the trading activity were to decline. The directors are satisfied that the current level of trading activity will ensure that the company's cash flow requirements are met.

Credit Risk
The company's principal financial instruments are stock, trade debtors, cash, trade creditors and hire purchase liabilities. The company's credit risk is mainly due to its trade debtors. The company has credit control procedures in place to manage this risk; the directors set credit limits for new customers and continuously review those set for existing customers, based on third party credit reports and trading history. The company also has insurance in place to mitigate the effect of bad debts.

Price Risk and Competition
The company is exposed to increases in the price of products, any such increase could put pressure on the gross profit margin. In order to minimise this risk the company is a member of a buying group which enables the company to acquire stock at competitive rates. As well as providing good quality products at the best possible prices the company focuses on offering a premier customer service.

Economic Risk
The company's trading activity is derived from the disposable income available in the south east of England, a decline in the UK economy could have an impact on the turnover levels generated in the business. The company's core customers are smaller independent traders and the company is not dependent on a limited customer base. This policy has resulted in sustainable trade throughout previous economic downturns, and the directors are confident this policy continues to minimise the exposure to economic risk.


TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

STRATEGIC REPORT
for the Year Ended 31 December 2023

DEVELOPMENT AND PERFORMANCE
Our unique selling point (USP) is our ability to hold sufficient stock levels in excess of that of our competitors allowing us to have as many stock-keeping units (SKU's) available for our customers as required. This combined with our aim to assist each customer, being sourcing bespoke products or our extended opening hours for custom convenience results in a retained and growing customer base.

We continue to invest in our staff, with each branch being managed by a skilled and experienced individual. Our staff are representing our brand and products and we encourage relationships to be built with customers and insist on a good working environment.

KEY PERFORMANCE INDICATORS
The gross profit margin achieved in the year was 23%, lower than that achieved in 2022. The directors continuously monitor the gross profit margin to ensure it remains at a competitive level as the business continues to grow.

ON BEHALF OF THE BOARD:





Mr R E Petty - Director


25 September 2024

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of plumbing and heating merchants.

DIVIDENDS
During the year dividends paid amounted to £565,000 (2022: £535,000).

FUTURE DEVELOPMENTS
The directors remain confident about the future prospects for the business. The business model continues to evolve, enhancing its multi-channel convenience credentials.

During 2023 the company successfully enhanced its Click & Collect capabilities resulting in Quick Delivery options and improved the services to existing customers. During 2024, the investment in this has continued, and along with other strategic decisions the Directors anticipate the customer base to grow and to maintain the excellent service to existing customers.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr M A French
Mr A B Tucker
Mr R E Petty

POLITICAL DONATIONS AND EXPENDITURE
The company made charitable donations during the year amounting to £350 (2022 - £3,750). There were no political contributions.

GOING CONCERN
The directors have considered current and forecast market conditions, and the working capital requirements of the Company. The directors consider the company's position and funding requirements are adequately supported by their existing activities and the budgets, forecasts and long term business plan appropriately support the going concern assumption. The Directors are of the opinion that the Company has adequate resources to continue its operations for the foreseeable future and therefore they continue to adopt the going concern basis in preparing these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Kings CAP Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R E Petty - Director


25 September 2024

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
TUCKER FRENCH LIMITED

Opinion
We have audited the financial statements of Tucker French Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
TUCKER FRENCH LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
TUCKER FRENCH LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was to ensure the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by way of discussions with the directors and from our commercial knowledge and experience in the plumbing merchant sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
TUCKER FRENCH LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sara Brown (Senior Statutory Auditor)
for and on behalf of Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

25 September 2024

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 December 2023

31.12.23 31.12.23 31.12.23
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 4 21,540,911 19,424 21,560,335
Cost of sales (16,499,889 ) (15,647 ) (16,515,536 )
GROSS PROFIT 5,041,022 3,777 5,044,799

Administrative expenses (4,950,700 ) (70,693 ) (5,021,393 )

OPERATING PROFIT/(LOSS) 6 90,322 (66,916 ) 23,406

Interest payable and similar expenses 7 (13,938 ) - (13,938 )
PROFIT/(LOSS) BEFORE TAXATION 76,384 (66,916 ) 9,468
Tax on profit/(loss) 8 (11,908 ) 12,714 806
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

64,476

(54,202

)

10,274

OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

10,274

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 December 2023

31.12.22 31.12.22 31.12.22
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 4 21,044,105 - 21,044,105
Cost of sales (15,034,515 ) - (15,034,515 )
GROSS PROFIT 6,009,590 - 6,009,590

Administrative expenses (5,316,661 ) - (5,316,661 )
692,929 - 692,929

Other operating income 40,000 - 40,000


OPERATING PROFIT 6 732,929 - 732,929

Interest payable and similar expenses 7 (7,395 ) - (7,395 )
PROFIT BEFORE TAXATION 725,534 - 725,534
Tax on profit 8 (127,148 ) - (127,148 )
PROFIT FOR THE FINANCIAL YEAR 598,386 - 598,386

OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

598,386

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 121 143
Tangible assets 11 772,692 810,859
Investments 12 1,300 1,300
774,113 812,302

CURRENT ASSETS
Stocks 13 4,682,521 4,877,288
Debtors 14 3,020,939 2,928,883
Cash at bank and in hand 322,575 159,354
8,026,035 7,965,525
CREDITORS
Amounts falling due within one year 15 5,515,288 4,922,224
NET CURRENT ASSETS 2,510,747 3,043,301
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,284,860

3,855,603

CREDITORS
Amounts falling due after more than one
year

16

(103,877

)

(130,520

)

PROVISIONS FOR LIABILITIES 19 (146,812 ) (136,186 )
NET ASSETS 3,034,171 3,588,897

CAPITAL AND RESERVES
Called up share capital 20 98,000 98,000
Capital redemption reserve 21 (78,000 ) (78,000 )
Other reserves 21 9,300 9,300
Retained earnings 21 3,004,871 3,559,597
SHAREHOLDERS' FUNDS 3,034,171 3,588,897

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Mr R E Petty - Director


TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2023

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2022 98,000 3,496,211 (78,000 ) 9,300 3,525,511

Changes in equity
Dividends - (535,000 ) - - (535,000 )
Total comprehensive income - 598,386 - - 598,386
Balance at 31 December 2022 98,000 3,559,597 (78,000 ) 9,300 3,588,897

Changes in equity
Dividends - (565,000 ) - - (565,000 )
Total comprehensive income - 10,274 - - 10,274
Balance at 31 December 2023 98,000 3,004,871 (78,000 ) 9,300 3,034,171

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

CASH FLOW STATEMENT
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 858,118 420,555
Interest paid (1,661 ) (84 )
Interest element of hire purchase payments
paid

(12,277

)

(7,311

)
Tax paid (130,790 ) (42,649 )
Net cash from operating activities 713,390 370,511

Cash flows from investing activities
Purchase of tangible fixed assets (140,178 ) (308,067 )
Sale of tangible fixed assets 102,895 46,000
Net cash from investing activities (37,283 ) (262,067 )

Cash flows from financing activities
Capital repayments in year (16,417 ) 76,984
Amount introduced by directors - 300,000
Equity dividends paid (565,000 ) (535,000 )
Net cash from financing activities (581,417 ) (158,016 )

Increase/(decrease) in cash and cash equivalents 94,690 (49,572 )
Cash and cash equivalents at beginning of
year

2

(869,765

)

(820,193

)

Cash and cash equivalents at end of year 2 (775,075 ) (869,765 )

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 9,468 725,534
Depreciation charges 110,885 207,932
Profit on disposal of fixed assets (35,431 ) (13,684 )
Finance costs 13,938 7,395
98,860 927,177
Decrease/(increase) in stocks 194,767 (1,096,660 )
(Increase)/decrease in trade and other debtors (80,625 ) 201,583
Increase in trade and other creditors 645,116 388,455
Cash generated from operations 858,118 420,555

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 322,575 159,354
Bank overdrafts (1,097,650 ) (1,029,119 )
(775,075 ) (869,765 )
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 159,354 162,151
Bank overdrafts (1,029,119 ) (982,344 )
(869,765 ) (820,193 )


TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 159,354 163,221 322,575
Bank overdrafts (1,029,119 ) (68,531 ) (1,097,650 )
(869,765 ) 94,690 (775,075 )
Debt
Finance leases (217,597 ) 16,417 (201,180 )
(217,597 ) 16,417 (201,180 )
Total (1,087,362 ) 111,107 (976,255 )

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Tucker French Limited is a private company, limited by shares, registered in England and Wales. The registered office is at Unit 4 Grovelands, Boundary Way, Hemel Hempstead, Hertfordshire, HP2 7TE. The head office and principal trading address of the company is Unit 1 Epsom Business Park, Kiln Lane, Epsom, Surrey, KT17 1JF.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have considered current and forecast market conditions, and the working capital requirements of the Company. The directors consider the company's position and funding requirements are adequately supported by their existing activities and the budgets, forecasts and long term business plan appropriately support the going concern assumption. The Directors are of the opinion that the Company has adequate resources to continue its operations for the foreseeable future and therefore they continue to adopt the going concern basis in preparing these financial statements.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Turnover represents the fair value of consideration in respect of the supply of plumbing and heating goods.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - at varying rates on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 12.5% on reducing balance
Computer equipment - 15% on reducing balance

At each reporting end date, the company reviews the carrying amounts of its tangible 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.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials. 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 compelte and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Rebates
Rebates received from suppliers mainly comprise volume-related rebates on the purchase of stock. Contractual volume-related rebates are accrued as unit are purchased based on the percentage rebate applicable to forecast total purchases over the rebate period, where it is probable the rebates will be received and the amounts can be estimated reliably. Discretionary rebates are not anticipated and only recognised once earned.

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINT

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates.

These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of Stock
The company strategy is to hold sufficient levels of stock for customer convenience which increases the risk of holding obsolete stock. Historically a provision for obsolete stock was made based on historical information and results which was considered quarterly based on client demand. In accordance with industry practice a provision of 2% of slow moving stock was provided for in the accounts. Due to the adoption of a new stock management system a specific provision is now able to be made based on slow moving stock over a twelve month period which gives rise to a more accurate provision. This is reviewed quarterly by management and adjusted as appropriate.

Impairment of Trade Debtors
Some customers are offered credit accounts based on a credit review and historical trading information available. The debtors ledger is reviewed frequently and provision made where necessary. When assessing the impairment of trade debtors management considers factors including the current credit rating of the debtor, the ageing profile of debts and historical experience. In accordance with industry practice a general provision of 0.5% of debtors are provided in the accounts unless key management personnel identify specific provisions at the year end date.

Rebates
Rebates are provided in the accounts based on formalised agreement with suppliers. These are calculated by reference to purchase levels. Management calculate this and provide for the anticipated Rebates in the accounts. These are then agreed with the supplier and the rebate settled at a future date.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Plumbing and Heating Merchants 21,560,335 21,044,105
21,560,335 21,044,105

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 1,835,397 1,963,186
Social security costs 182,120 196,853
Other pension costs 56,896 46,620
2,074,413 2,206,659

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 3 3
Managers 2 2
Branch staff 53 57
58 62

31.12.23 31.12.22
£    £   
Directors' remuneration 121,000 140,742

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Hire of plant and machinery 8,873 7,805
Other operating leases 918,163 968,317
Depreciation - owned assets 68,025 124,634
Depreciation - assets on hire purchase contracts 42,856 83,277
Profit on disposal of fixed assets (35,431 ) (13,684 )
Patents and licences amortisation 22 22
Auditors' remuneration 15,000 15,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Other interest 1,661 84
Hire purchase interest 12,277 7,311
13,938 7,395

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax (11,431 ) 130,706

Deferred tax 10,625 (3,558 )
Tax on profit (806 ) 127,148

UK corporation tax has been charged at 19% .

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 9,468 725,534
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

1,799

137,851

Effects of:
Expenses not deductible for tax purposes 2,178 (2,873 )
Capital allowances in excess of depreciation (4,783 ) (7,830 )
Total tax (credit)/charge (806 ) 127,148

9. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of 10p each
Interim 565,000 535,000

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

10. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 220
AMORTISATION
At 1 January 2023 77
Amortisation for year 22
At 31 December 2023 99
NET BOOK VALUE
At 31 December 2023 121
At 31 December 2022 143

11. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 234,413 145,387 222,939
Additions 7,480 10,388 14,457
Disposals - - -
At 31 December 2023 241,893 155,775 237,396
DEPRECIATION
At 1 January 2023 169,961 52,886 148,759
Charge for year 13,335 14,284 8,007
Eliminated on disposal - - -
At 31 December 2023 183,296 67,170 156,766
NET BOOK VALUE
At 31 December 2023 58,597 88,605 80,630
At 31 December 2022 64,452 92,501 74,180

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 573,835 322,832 1,499,406
Additions 106,300 1,553 140,178
Disposals (172,219 ) - (172,219 )
At 31 December 2023 507,916 324,385 1,467,365
DEPRECIATION
At 1 January 2023 193,897 123,044 688,547
Charge for year 45,035 30,220 110,881
Eliminated on disposal (104,755 ) - (104,755 )
At 31 December 2023 134,177 153,264 694,673
NET BOOK VALUE
At 31 December 2023 373,739 171,121 772,692
At 31 December 2022 379,938 199,788 810,859

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 534,922
Additions 106,300
Disposals (158,954 )
At 31 December 2023 482,268
DEPRECIATION
At 1 January 2023 175,978
Charge for year 42,856
Eliminated on disposal (98,800 )
At 31 December 2023 120,034
NET BOOK VALUE
At 31 December 2023 362,234
At 31 December 2022 358,944

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

12. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 1,300
NET BOOK VALUE
At 31 December 2023 1,300
At 31 December 2022 1,300

13. STOCKS
31.12.23 31.12.22
£    £   
Stocks 4,682,521 4,877,288

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,587,675 1,439,575
Other debtors 752,398 862,887
Amounts owed from connected
company 308,878 273,453
Tax 11,431 -
Value added tax 65,428 107,357
Prepayments 295,129 245,611
3,020,939 2,928,883

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 17) 1,097,650 1,029,119
Hire purchase contracts (see note 18) 97,303 87,077
Trade creditors 3,978,997 2,586,885
Taxation - 130,790
Social security and other taxes 94,026 48,888
Other creditors 131,444 864,078
Accruals and deferred income 115,868 175,387
5,515,288 4,922,224

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 18) 103,877 130,520

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

17. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,097,650 1,029,119

The bank facilities are secured by a debenture dated 1 November 2000 providing fixed and floating charge over the assets of the company.

Obligations under hire purchase contracts are secured on the assets concerned.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 97,303 87,077
Between one and five years 103,877 130,520
201,180 217,597

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 263,000 263,000
Between one and five years 559,750 636,750
In more than five years 157,500 283,500
980,250 1,183,250

19. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 146,812 154,063
Other timing differences - (17,877 )
146,812 136,186

Deferred
tax
£   
Balance at 1 January 2023 136,186
Charge to Statement of Comprehensive Income during year 10,626
Balance at 31 December 2023 146,812

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
980,000 Ordinary 10p 98,000 98,000

The ordinary shares carry full rights to voting, dividends and entitlement on a capital distribution.

21. RESERVES
Capital
Retained redemption Other
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2023 3,559,597 (78,000 ) 9,300 3,490,897
Profit for the year 10,274 10,274
Dividends (565,000 ) (565,000 )
At 31 December 2023 3,004,871 (78,000 ) 9,300 2,936,171

The capital redemption reserve is a non-distributable reserve, that arose from a reduction in share capital. Retained earnings comprises the accumulated profits and losses that the Company has made since incorporation, less any dividends awarded in that time.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.12.23 31.12.22
£    £   
Mr M A French
Balance outstanding at start of year - 75,000
Amounts repaid - (75,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr A B Tucker
Balance outstanding at start of year - 75,000
Amounts repaid - (75,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr R E Petty
Balance outstanding at start of year - 150,000
Amounts repaid - (150,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

TUCKER FRENCH LIMITED (REGISTERED NUMBER: 04030203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

The above loans were repaid prior to the date of this report.

23. RELATED PARTY DISCLOSURES

During the year, the company incurred rental charges from Tucker French Properties Limited, a company under common control. Total rent incurred amounted to £60,000 (2022: £60,000) and is considered on normal commercial terms. Total costs paid on behalf of Tucker French Properties Limited amounted to £95,425 (2022: £8,555). The balance owed from Tucker French Properties Ltd as at 31 December 2023 amounted to £308,878 (2022: £273,453).

During the year, a total of key management personnel compensation of £ 179,216 (2022 - £ 210,825 ) was paid.

The controlling party is Mr R E Petty.