Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 08408190 Mr A J Tushingham Mrs D J Tushingham Miss R C Tushingham iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08408190 2023-03-31 08408190 2024-03-31 08408190 2023-04-01 2024-03-31 08408190 frs-core:CurrentFinancialInstruments 2024-03-31 08408190 frs-core:ComputerEquipment 2024-03-31 08408190 frs-core:ComputerEquipment 2023-04-01 2024-03-31 08408190 frs-core:ComputerEquipment 2023-03-31 08408190 frs-core:FurnitureFittings 2024-03-31 08408190 frs-core:FurnitureFittings 2023-04-01 2024-03-31 08408190 frs-core:FurnitureFittings 2023-03-31 08408190 frs-core:MotorVehicles 2024-03-31 08408190 frs-core:MotorVehicles 2023-04-01 2024-03-31 08408190 frs-core:MotorVehicles 2023-03-31 08408190 frs-core:PlantMachinery 2024-03-31 08408190 frs-core:PlantMachinery 2023-04-01 2024-03-31 08408190 frs-core:PlantMachinery 2023-03-31 08408190 frs-core:ShareCapital 2024-03-31 08408190 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 08408190 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08408190 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 08408190 frs-bus:SmallEntities 2023-04-01 2024-03-31 08408190 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08408190 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08408190 frs-bus:Director1 2023-04-01 2024-03-31 08408190 frs-bus:Director2 2023-04-01 2024-03-31 08408190 frs-bus:Director3 2023-04-01 2024-03-31 08408190 frs-countries:EnglandWales 2023-04-01 2024-03-31 08408190 2022-03-31 08408190 2023-03-31 08408190 2022-04-01 2023-03-31 08408190 frs-core:CurrentFinancialInstruments 2023-03-31 08408190 frs-core:ShareCapital 2023-03-31 08408190 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 08408190
Tushingham Steel Fabricators Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08408190
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 131,956 102,035
131,956 102,035
CURRENT ASSETS
Stocks 5 70,000 28,000
Debtors 6 2,001,735 1,314,219
Cash at bank and in hand 490,343 492,555
2,562,078 1,834,774
Creditors: Amounts Falling Due Within One Year 7 (534,143 ) (205,714 )
NET CURRENT ASSETS (LIABILITIES) 2,027,935 1,629,060
TOTAL ASSETS LESS CURRENT LIABILITIES 2,159,891 1,731,095
PROVISIONS FOR LIABILITIES
Deferred Taxation (32,205 ) (25,508 )
NET ASSETS 2,127,686 1,705,587
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 2,127,586 1,705,487
SHAREHOLDERS' FUNDS 2,127,686 1,705,587
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss R C Tushingham
Director
3 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Tushingham Steel Fabricators Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08408190 . The registered office is Padholme Road East, Peterborough , PE1 5XL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 20% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. 
2.8.  Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. 
2.9.  Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. 
2.10. Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.  
2.11. Interest income
Interest income is recognised in the profit and loss using the effective interest method. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 13)
20 13
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 113,226 65,659 13,650 9,564 202,099
Additions 36,705 11,480 14,325 2,223 64,733
Disposals (5,861 ) (11,000 ) (141 ) (885 ) (17,887 )
As at 31 March 2024 144,070 66,139 27,834 10,902 248,945
Depreciation
As at 1 April 2023 51,735 41,840 2,093 4,396 100,064
Provided during the period 16,093 4,983 4,367 1,217 26,660
Disposals (4,105 ) (5,199 ) (12 ) (419 ) (9,735 )
As at 31 March 2024 63,723 41,624 6,448 5,194 116,989
Net Book Value
As at 31 March 2024 80,347 24,515 21,386 5,708 131,956
As at 1 April 2023 61,491 23,819 11,557 5,168 102,035
Page 4
Page 5
5. Stocks
2024 2023
£ £
Stock 5,000 6,000
Work in progress 65,000 22,000
70,000 28,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 882,826 252,991
Other debtors 65,604 10,728
948,430 263,719
Due after more than one year
Amounts owed by group undertakings 1,053,305 1,050,500
2,001,735 1,314,219
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 283,252 71,681
Other creditors 57,911 90,565
Taxation and social security 192,980 43,468
534,143 205,714
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Pension Commitments
The company operates a defined contribution pension scheme for its employees. At the balance sheet date unpaid contributions of £1,265 (2023: £777) were due to the fund. This amount is included withing other creditors.
10. Related Party Transactions
During the year, the company loaned a further £2,805 (2023: £50,150) to a company under common control. The rate of interest charged is 0%. At the balance sheet date £1,053,305 (2023: £1,050,500) was owed from Tushingham Holdings Ltd, this balance is included in amounts owed by group undertakings. 
Page 5