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Registration number: 06352391

Tavishelm Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Tavishelm Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Tavishelm Engineering Limited

Company Information

Directors

Mr SE Collins

Mr J Wetherell

Company secretary

Mr SE Collins

Registered office

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Tavishelm Engineering Limited

(Registration number: 06352391)
Balance Sheet as at 31 March 2024

Note

31 March
2024
£

31 March
2023
£

Fixed assets

 

Tangible assets

4

83,400

72,502

Investments

5

145,000

145,000

 

228,400

217,502

Current assets

 

Debtors

6

219,994

248,282

Cash at bank and in hand

 

260,643

279,342

 

480,637

527,624

Creditors: Amounts falling due within one year

7

(93,000)

(165,833)

Net current assets

 

387,637

361,791

Total assets less current liabilities

 

616,037

579,293

Creditors: Amounts falling due after more than one year

7

(24,128)

(26,612)

Provisions for liabilities

(18,000)

(17,000)

Net assets

 

573,909

535,681

Capital and reserves

 

Called up share capital

100

100

Retained earnings

573,809

535,581

Shareholders' funds

 

573,909

535,681

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

 

Tavishelm Engineering Limited

(Registration number: 06352391)
Balance Sheet as at 31 March 2024

.........................................
Mr SE Collins
Company secretary and director

 

Tavishelm Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD
England

These financial statements were authorised for issue by the Board on 3 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is a parent company of a small group and the company has taken advantage of the exemption provided by Section 399(2B) of the Companies Act 2006 not to prepare group accounts..

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

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

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

 

Tavishelm Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings & equipment

25% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Tavishelm Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Tavishelm Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 4).

 

Tavishelm Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

66,533

20,968

156,641

244,142

Additions

820

24,270

12,865

37,955

Disposals

-

(20,968)

-

(20,968)

At 31 March 2024

67,353

24,270

169,506

261,129

Depreciation

At 1 April 2023

51,398

13,228

107,014

171,640

Charge for the year

3,869

2,624

14,437

20,930

Eliminated on disposal

-

(14,841)

-

(14,841)

At 31 March 2024

55,267

1,011

121,451

177,729

Carrying amount

At 31 March 2024

12,086

23,259

48,055

83,400

At 31 March 2023

15,135

7,740

49,627

72,502

5

Investments

31 March
2024
£

31 March
2023
£

Investments in subsidiaries

145,000

145,000

Subsidiaries

£

Cost or valuation

At 1 April 2023

145,000

Provision

Carrying amount

At 31 March 2024

145,000

At 31 March 2023

145,000

 

Tavishelm Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

CPM Mould Solutions Limited

England and Wales

Ordinary

90%

90%

Subsidiary undertakings

CPM Mould Solutions Limited

The principal activity of CPM Mould Solutions Limited is machine tooling.

6

Debtors

Current

Note

31 March
2024
£

31 March
2023
£

Trade debtors

 

23,319

117,741

Amounts owed by group companies

9

30,344

115,545

Prepayments

 

1,146

3,948

Other debtors

 

11,349

6,048

Amounts owed by related parties

9

153,836

5,000

   

219,994

248,282

 

Tavishelm Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

31 March
2024
£

31 March
2023
£

Due within one year

 

Loans and borrowings

8

13,148

15,954

Trade creditors

 

55,802

68,109

Taxation and social security

 

2,443

34,280

Accruals and deferred income

 

5,027

10,998

Other creditors

 

62

492

Amounts owed to related parties

9

16,518

36,000

 

93,000

165,833

Creditors: amounts falling due after more than one year

Note

31 March
2024
£

31 March
2023
£

Due after one year

 

Loans and borrowings

8

24,128

26,612

 

Tavishelm Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Loans and borrowings

Non-current loans and borrowings

31 March
2024
£

31 March
2023
£

Bank borrowings

24,128

26,612

Current loans and borrowings

31 March
2024
£

31 March
2023
£

Bank borrowings

13,148

9,849

Hire purchase contracts

-

6,105

13,148

15,954

9

Related party transactions

Loans to related parties

2024

Subsidiary
£

Other related parties
£

Total
£

At start of period

115,545

5,000

120,545

Advanced

-

148,836

148,836

Repaid

(85,201)

-

(85,201)

At end of period

30,344

153,836

184,180

2023

Subsidiary
£

Other related parties
£

Total
£

At start of period

50,753

-

50,753

Advanced

64,792

5,000

69,792

At end of period

115,545

5,000

120,545

Terms of loans to related parties

Loans are unsecured, interest free and repayable on demand.
 

Loans from related parties

 

Tavishelm Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024

Other related parties
£

Total
£

At start of period

36,000

36,000

Repaid

(19,482)

(19,482)

At end of period

16,518

16,518

2023

Other related parties
£

Total
£

Advanced

36,000

36,000

At end of period

36,000

36,000

Terms of loans from related parties

Loans are unsecured, interest free and repayable on demand.