Company registration number 05323793 (England and Wales)
TIFFER HOLDINGS LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
TIFFER HOLDINGS LIMITED
COMPANY INFORMATION
Directors
K Turner
A J B Turner
Company number
05323793
Registered office
Unit 7
Leicester Distribution Park
35 Sunningdale Road
Leicester
LE3 1UX
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
Unit 7
Leicester Distribution Park
35 Sunningdale Road
Leicester
LE3 1UX
TIFFER HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group balance sheet
8
Company balance sheet
9
Group statement of cash flows
10
Notes to the financial statements
11 - 24
TIFFER HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The principal activity of the group continues to be that of the manufacture of acrylic products for use within the pharmaceutical, medical and the manned submersible vehicle industries.

 

We aim to present a balanced and comprehensive review of the development and performance of our group during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our group and is written in the context of the risks and uncertainties we face.

 

The King’s Awards for Enterprise are the most prestigious business awards in the UK and, in April 2023, the subsidiary company 'Blanson Limited' was honoured with such an award for its excellence in, and contribution to, International Trade. The awards were first established in 1965 to recognise outstanding, exciting and innovative UK businesses. This year only 148 businesses nationally have been recognised across the four categories of International Trade, Innovation, Sustainable Development and Promoting Opportunity, with just 78 awards for International Trade.

 

As for many groups of our size, the business environment in which we operate continues to be challenging. In light of the challenging business environment and competitive nature of the industry, we consider the group results for the year and financial position at the year end to be satisfactory and believe that the group is well placed to react quickly to any changes in trading conditions and to take advantage of any business opportunities that may arise.

Principal risks and uncertainties

We continually monitor the principal risks and uncertainties of the business and seek to mitigate any such risks.

 

The group operates in industries that are highly regulated in terms of product quality and acceptance. The group continually extends the product range, improves operational effectiveness, provides a strong brand identity and invests in the future of the business. Changes are implemented where deemed appropriate to retain market share and maintain margins.

 

The group undertakes transactions in Sterling, Euros and Canadian Dollars and is therefore subject to movements in foreign exchange rates.

Key performance indicators

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, being turnover and gross profit margin.

 

Turnover and gross profit margin during the year have decreased to £10,512,766 (2022: £16,669,546) and 63.38% (2022: 66.95%) respectively. This has resulted in a decrease in profit before taxation to £2,934,155 (2022: £7,462,557). After taxation and dividends, £678,724 has been deducted from the group reserves.

 

Future developments

The group has continued its commitment to delivering high-quality products and improving operational effectiveness by investing in its equipment and product improvement. There have been no significant post balance sheet events affecting the group.

 

Research and development

The group's research and development has continued to ensure that its products remain at the leading edge of quality.

On behalf of the board

30 April 2024
K Turner
Director
TIFFER HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the group continues to be that of the manufacture of acrylic products for use within the pharmaceutical, medical and the manned submersible vehicle industries.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £2,991,854. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K Turner
A J B Turner
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and research and development.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

TIFFER HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
K Turner
Director
30 April 2024
TIFFER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TIFFER HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Tiffer Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

TIFFER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TIFFER HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. However, responsibility for the prevention and detection of fraud ultimately rests with both those charged with governance and management of the group and company.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

TIFFER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TIFFER HOLDINGS LIMITED
- 6 -
Audit response to risks of irregularities identified

Our procedures to respond to risks identified included the following:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor's 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.

Paul Barnett FCCA (Senior Statutory Auditor)
For and on behalf of Newby Castleman LLP
30 April 2024
Chartered Accountants
Statutory Auditor
West Walk Building
110 Regent Road
Leicester
LE1 7LT
TIFFER HOLDINGS LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
10,512,766
16,669,546
Cost of sales
(3,849,938)
(5,509,068)
Gross profit
6,662,828
11,160,478
Distribution costs
(2,477,716)
(2,325,229)
Administrative expenses
(1,164,190)
(1,286,889)
Other operating income
25,575
13,881
Operating profit
4
3,046,497
7,562,241
Interest receivable and similar income
7
11,295
-
0
Interest payable and similar expenses
8
(123,637)
(99,684)
Profit before taxation
2,934,155
7,462,557
Taxation
9
(621,025)
(1,343,387)
Profit for the financial year
2,313,130
6,119,170
Retained earnings brought forward
6,897,089
5,576,156
Dividends
(2,991,854)
(4,798,237)
Retained earnings carried forward
6,218,365
6,897,089
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
TIFFER HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
2,020
2,524
Tangible assets
12
4,497,018
4,895,961
4,499,038
4,898,485
Current assets
Stocks
15
1,566,221
1,530,685
Debtors
16
3,325,905
3,679,896
Cash at bank and in hand
1,462,602
3,366,140
6,354,728
8,576,721
Creditors: amounts falling due within one year
17
(2,017,047)
(3,810,640)
Net current assets
4,337,681
4,766,081
Total assets less current liabilities
8,836,719
9,664,566
Creditors: amounts falling due after more than one year
18
(967,609)
(1,069,711)
Provisions for liabilities
Deferred tax liability
21
1,047,904
1,081,044
(1,047,904)
(1,081,044)
Government grants
22
(71,840)
(85,721)
Net assets
6,749,366
7,428,090
Capital and reserves
Called up share capital
24
2
2
Share premium account
25
530,999
530,999
Profit and loss reserves
25
6,218,365
6,897,089
Total equity
6,749,366
7,428,090

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 April 2024 and are signed on its behalf by:
30 April 2024
K Turner
Director
Company registration number 05323793 (England and Wales)
TIFFER HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
531,000
531,000
Current assets
Debtors
16
-
0
38,397
Cash at bank and in hand
965,811
2,259,273
965,811
2,297,670
Creditors: amounts falling due within one year
17
(2,000)
(351,500)
Net current assets
963,811
1,946,170
Net assets
1,494,811
2,477,170
Capital and reserves
Called up share capital
24
2
2
Share premium account
25
530,999
530,999
Profit and loss reserves
25
963,810
1,946,169
Total equity
1,494,811
2,477,170

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,009,495 (2022: £4,715,941).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 April 2024 and are signed on its behalf by:
30 April 2024
K Turner
Director
Company registration number 05323793 (England and Wales)
TIFFER HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,319,183
6,917,845
Interest paid
(123,637)
(99,684)
Income taxes paid
(796,985)
(838,555)
Net cash inflow from operating activities
1,398,561
5,979,606
Investing activities
Purchase of tangible fixed assets
(81,996)
(2,133,951)
Interest received
11,295
-
0
Net cash used in investing activities
(70,701)
(2,133,951)
Financing activities
(Repayment of)/Proceeds from borrowings
(156,235)
(218,080)
Proceeds from finance lease obligations
(83,309)
11,999
Dividends paid to equity shareholders
(2,991,854)
(4,798,237)
Net cash used in financing activities
(3,231,398)
(5,004,318)
Net decrease in cash and cash equivalents
(1,903,538)
(1,158,663)
Cash and cash equivalents at beginning of year
3,366,140
4,524,803
Cash and cash equivalents at end of year
1,462,602
3,366,140
TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Tiffer Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 7, Leicester Distribution Park, 35 Sunningdale Road, Leicester, LE3 1UX.

 

The group consists of Tiffer Holdings Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of the exemption from preparing a statement of cash flows on the basis that the group statement of cash flows, included in these financial statements, includes the company's cash flows.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Tiffer Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
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.

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.

TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -

Revenue from construction contracts is recognised by reference to the stage of completion of the contract at the end of the reporting period when the stage of completion, costs incurred and costs to complete can be estimated reliably.

1.5
Research and development expenditure

Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Trademarks
10% per annum on cost
1.8
Tangible fixed assets

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

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

Leasehold improvements
10% or 25% per annum on cost
Plant and machinery
10%, 20% or 25% per annum on cost
Fixtures, fittings & equipment
25% or 33.33% per annum on cost
1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.10
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. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.11
Financial instruments

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

TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

 

Loans are initially measured at transaction price and subsequently measured at amortised cost using

the effective interest method.

1.12
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. The group’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.

 

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.

1.13
Employee benefits

When employees have rendered service to the group, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

 

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

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
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 the profit and loss account 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.

Assets held under sale and leaseback transactions are treated as finance leases and are recognised 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.

TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Capital based government grants are credited to the profit and loss account over the expected useful economic lives of the assets to which they relate.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.18

Research and development

Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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 experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The 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.

Stage of completion of construction contracts

As explained in note 1.4, where the outcome of construction contracts can be estimated reliably, contract revenues and costs are recognised on a contract by contract basis using the percentage of completion method. The application of this accounting policy requires both the total costs and the stage of completion of contracts to be assessed. An inherent degree of judgement will exist in determining the stage of completion of a contract at the end of the reporting period.

Overhead absorption rate

Labour and overheads are attributed to the value of work in progress and finished goods based on an average absorption rate for the production hours involved. The application of this calculation requires an assessment of the average labour and overhead costs. An inherent degree of judgement will exist in determining the appropriate absorption rate for stock held at the end of the reporting period.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
10,512,766
16,669,546
TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 15 -
2023
2022
£
£
Turnover analysed by geographical market
UK
328,125
589,647
Rest of the world
10,184,641
16,079,899
10,512,766
16,669,546
2023
2022
£
£
Other revenue
Interest income
11,295
-
Grants received
25,575
13,881

Included in turnover is revenue of £1,640,350 (2022 - £1,164,030) arising on construction contracts in the year.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(3,256)
(5,648)
Research and development costs
297,531
320,043
Government grants
(25,575)
(13,881)
Depreciation of owned tangible fixed assets
341,584
259,457
Depreciation of tangible fixed assets held under finance leases
291,559
214,958
Amortisation of intangible assets
504
504
Operating lease charges
412,102
350,071
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,000
1,125
Audit of the financial statements of the company's subsidiaries
15,591
14,122
17,591
15,247
TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors and admin
16
17
2
2
Production
51
63
-
-
Total
67
80
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,210,787
2,667,741
-
0
-
0
Social security costs
206,446
289,947
-
-
Pension costs
133,706
154,901
-
0
-
0
2,550,939
3,112,589
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
10,865
-
0
Other interest income
430
-
Total income
11,295
-
0
8
Interest payable and similar expenses
2023
2022
£
£
Other interest on financial liabilities
7,921
12,907
Interest on finance leases and hire purchase contracts
96,204
86,777
Other interest
19,512
-
Total finance costs
123,637
99,684
TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
640,727
1,047,026
Adjustments in respect of prior periods
(4,431)
-
0
Total current tax
636,296
1,047,026
Deferred tax
Origination and reversal of timing differences
(15,271)
296,361
Total tax charge
621,025
1,343,387

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,934,155
7,462,557
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
690,113
1,417,886
Tax effect of expenses that are not deductible in determining taxable profit
361
2,803
Amortisation on assets not qualifying for tax allowances
788
815
Research and development tax credit
(67,881)
(79,051)
Under/(over) provided in prior years
(4,431)
-
0
Deferred tax adjustments in respect of prior years
2,060
75,415
Additional capital allowances
-
0
(70,275)
Other
15
(4,206)
Taxation charge
621,025
1,343,387

From 1 April 2023, the UK corporation tax rate increased from 19% to 25%. The current year rate is pro-rated accordingly.

10
Dividends
2023
2022
£
£
Interim paid
2,991,854
4,798,237
TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
11
Intangible fixed assets
Group
Goodwill
Trademarks
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
(154,002)
5,044
(148,958)
Amortisation and impairment
At 1 January 2023
(154,002)
2,520
(151,482)
Amortisation charged for the year
-
0
504
504
At 31 December 2023
(154,002)
3,024
(150,978)
Carrying amount
At 31 December 2023
-
0
2,020
2,020
At 31 December 2022
-
0
2,524
2,524
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
12
Tangible fixed assets
Group
Leasehold improvements
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
745,494
220,718
5,659,266
191,253
6,816,731
Additions
5,375
-
0
227,362
1,463
234,200
Transfers
248,117
(220,718)
20,430
(47,829)
-
0
At 31 December 2023
998,986
-
0
5,907,058
144,887
7,050,931
Depreciation and impairment
At 1 January 2023
50,412
-
0
1,821,421
48,937
1,920,770
Depreciation charged in the year
104,721
-
0
501,308
27,114
633,143
Transfers
49,861
-
0
(51,219)
1,358
-
0
At 31 December 2023
204,994
-
0
2,271,510
77,409
2,553,913
Carrying amount
At 31 December 2023
793,992
-
0
3,635,548
67,478
4,497,018
At 31 December 2022
695,082
220,718
3,837,845
142,316
4,895,961
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)
- 19 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and machinery
2,152,618
1,812,525
-
0
-
0
Fixtures, fittings & equipment
-
0
51,015
-
0
-
0
Leasehold improvements
84,059
52,066
-
-
2,236,677
1,915,606
-
-
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
531,000
531,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
531,000
Carrying amount
At 31 December 2023
531,000
At 31 December 2022
531,000
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Blanson Limited
England and Wales
Ordinary shares
100.00

The registered address of the above subsidiary is the same as the company's registered office address as given in the company information page of these financial statements.

TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
165,736
219,044
-
-
Work in progress
960,529
910,603
-
-
Finished goods and goods for resale
439,956
401,038
-
0
-
0
1,566,221
1,530,685
-
-
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
423,351
532,902
-
0
-
0
Corporation tax recoverable
-
0
20,528
-
0
20,528
Amounts owed by group undertakings
2,557,721
2,695,614
-
-
Other debtors
36,607
117,300
-
0
-
0
Prepayments and accrued income
308,226
295,683
-
0
-
0
3,325,905
3,662,027
-
20,528
Deferred tax asset (note 21)
-
0
17,869
-
0
17,869
3,325,905
3,679,896
-
38,397
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
519,962
476,115
-
0
-
0
Other borrowings
19
127,149
156,234
-
0
-
0
Trade creditors
777,811
2,326,058
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
350,000
Corporation tax payable
340,727
521,944
-
0
-
0
Other taxation and social security
55,029
82,528
-
-
Government grants
22
13,881
13,881
-
0
-
0
Other creditors
1,571
1,790
-
0
-
0
Accruals and deferred income
180,917
232,090
2,000
1,500
2,017,047
3,810,640
2,000
351,500

The aggregate amount of secured liabilities amounts to £1,547,610 (2022: £1,595,295). All finance lease liabilities have been secured against the assets to which they relate. Other borrowings include a liability of £109,750 (2022: £226,330) which is secured against certain items of plant and machinery.

TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
917,898
892,850
-
0
-
0
Other borrowings
19
49,711
176,861
-
0
-
0
967,609
1,069,711
-
-
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
176,860
333,095
-
0
-
0
Payable within one year
127,149
156,234
-
0
-
0
Payable after one year
49,711
176,861
-
0
-
0

Other borrowings relate to a Coronavirus Business Interruption Loan Scheme and sale and leaseback arrangements. These are repayable by monthly instalments by 2024 and 2025 respectively and carry a fixed rate of interest ranging from 1.3% to 3.5%. They are secured by a fixed charge over the assets to which they relate.

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
519,962
476,115
-
0
-
0
In two to five years
917,898
892,850
-
0
-
0
1,437,860
1,368,965
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis.

TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
1,048,547
1,082,215
-
-
Tax losses
-
-
-
17,869
Retirement benefit obligations
(643)
(1,171)
-
-
1,047,904
1,081,044
-
17,869
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Tax losses
-
-
-
17,869
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(Asset) at 1 January 2023
1,063,175
(17,869)
(Credit)/charge to profit or loss
(15,271)
17,869
Liability at 31 December 2023
1,047,904
-
22
Government grants
Group
Company
2023
2022
2023
2022
£
£
£
£
Deferred income arising from government grants
85,721
99,602
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
13,881
13,881
-
0
-
0
Shown as deferred income on the face of the balance sheet
71,840
85,721
-
0
-
0
85,721
99,602
-
-
TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
133,706
154,901

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

25
Reserves
Share premium

The share premium reserve represents the premium on shares issued at a value that exceeds their nominal value.

Profit and loss reserves

The profit and loss reserve comprises retained profits and losses for the current and prior periods.

26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
454,730
410,002
-
-
Between two and five years
1,561,450
1,567,885
-
-
In over five years
857,135
1,225,747
-
-
2,873,315
3,203,634
-
-
TIFFER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
-
20,000
-
-
28
Controlling party

The company is a wholly owned subsidiary of Adatif International Ltd, a company incorporated in Canada. The registered office address of Adatif International Ltd is 4150 St. Catherine Street West, Suite 211, Montreal, Quebec, H3Z 2Y5.

The ultimate controlling party is K Turner by virtue of his shareholding in Adatif International Ltd.

29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
2,313,130
6,119,170
Adjustments for:
Taxation charged
621,025
1,343,387
Finance costs
123,637
99,684
Investment income
(11,295)
-
0
Amortisation and impairment of intangible assets
504
504
Depreciation and impairment of tangible fixed assets
633,143
474,415
Decrease in deferred income
(13,881)
(13,882)
Movements in working capital:
Increase in stocks
(35,536)
(817,844)
Decrease/(increase) in debtors
315,594
(29,193)
Decrease in creditors
(1,627,138)
(258,396)
Cash generated from operations
2,319,183
6,917,845
30
Analysis of changes in net funds/(debt) - group
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
3,366,140
(1,903,538)
-
1,462,602
Borrowings excluding overdrafts
(333,095)
156,235
-
(176,860)
Obligations under finance leases
(1,368,965)
83,309
(152,204)
(1,437,860)
1,664,080
(1,663,994)
(152,204)
(152,118)
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