REGISTERED NUMBER: 07689965 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 29 February 2024 |
for |
Tardis Environmental |
UK (Holdings) Limited |
REGISTERED NUMBER: 07689965 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 29 February 2024 |
for |
Tardis Environmental |
UK (Holdings) Limited |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Contents of the Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
Tardis Environmental |
UK (Holdings) Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditors |
The Old Doctor's House |
74 Grange Road |
Dudley |
West Midlands |
DY1 2AW |
BANKERS: | Coutts & Co |
440 Strand |
London |
WC2R 0QS |
BANKERS: |
The Bridge |
Walsall |
WS1 1LN |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Group Strategic Report |
for the Year Ended 29 February 2024 |
The directors present their strategic report of the company and the group for the year ended 29 February 2024. |
The group has continued to maintain improved performance through the year ended 28 February 2024. Sales have increased by 1.2% to £34.8m from £34.4m in the previous year. However, the gross profit achieved by the company has fallen to £23.3m from £24.9m. This is due to an increase in costs during the year. |
REVIEW OF BUSINESS |
In this year we have have in this period expanded our depots operationally with additions in areas that we intend to grow. |
We have also continued investment in new plant and equipment plus additional investment in vehicles to support our operation |
Staffing levels have remained steady with no real growth there. |
Our product range has been increasing to allow us to offer more on site solutions to customers. |
Our aim is to continue to invest and with aggressive sales look to increase our market share moving forward. |
We have also purchased new property during the year, both for use and investment. |
PRINCIPAL RISKS AND UNCERTAINTIES |
As a group, we intend to limit our risks through better management of the key elements of the business, i.e. Employment Law, Health & Safety Law and Transport Law, linked to better training of the workforce. |
ON BEHALF OF THE BOARD: |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Report of the Directors |
for the Year Ended 29 February 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of sanitisation services on construction sites and plant hire. |
DIVIDENDS |
Interim dividends were paid during the year on each class of share as follows: |
Ordinary 0.1p shares | £359,787 |
Ordinary A 0.1p shares | £2,847,722 |
Ordinary B 0.1p shares | £204,722 |
Ordinary C 0.1p shares | £744,431 |
No final dividends are to be paid. |
Therefore the total distribution of dividends for the year ended 29 February 2024 will be £4,156,662. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Report of the Directors |
for the Year Ended 29 February 2024 |
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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Lewis Smith & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Tardis Environmental |
UK (Holdings) Limited |
Opinion |
We have audited the financial statements of Tardis Environmental UK (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 29 February 2024 and of the group's 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 group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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. |
Report of the Independent Auditors to the Members of |
Tardis Environmental |
UK (Holdings) Limited |
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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 three, 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Tardis Environmental |
UK (Holdings) 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 a Report of the Auditors 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. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. |
We also: |
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. |
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. |
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Tardis Environmental |
UK (Holdings) 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditors |
The Old Doctor's House |
74 Grange Road |
Dudley |
West Midlands |
DY1 2AW |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Consolidated Income Statement |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
TURNOVER | 3 | 34,826,920 | 34,459,066 |
Cost of sales | 11,471,457 | 9,529,651 |
GROSS PROFIT | 23,355,463 | 24,929,415 |
Administrative expenses | 11,217,238 | 11,764,256 |
12,138,225 | 13,165,159 |
Other operating income | 471,639 | 76,091 |
OPERATING PROFIT | 5 | 12,609,864 | 13,241,250 |
Interest receivable and similar income | 414,830 | 51,785 |
13,024,694 | 13,293,035 |
Interest payable and similar expenses | 6 | 996 | 8 |
PROFIT BEFORE TAXATION | 13,023,698 | 13,293,027 |
Tax on profit | 7 | 2,915,064 | 2,620,117 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 10,108,634 | 10,672,910 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Consolidated Other Comprehensive Income |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 10,108,634 | 10,672,910 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
10,108,634 |
10,672,910 |
Total comprehensive income attributable to: |
Owners of the parent | 10,108,634 | 10,672,910 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Consolidated Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 10,391,824 | 9,664,424 |
Investments | 11 | 690,209 | 690,209 |
Investment property | 12 | 3,833,060 | 1,464,893 |
14,915,093 | 11,819,526 |
CURRENT ASSETS |
Stocks | 13 | 58,798 | 56,036 |
Debtors | 14 | 7,356,719 | 6,819,258 |
Cash at bank and in hand | 20,601,221 | 17,713,154 |
28,016,738 | 24,588,448 |
CREDITORS |
Amounts falling due within one year | 15 | 4,080,055 | 3,369,152 |
NET CURRENT ASSETS | 23,936,683 | 21,219,296 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
38,851,776 |
33,038,822 |
PROVISIONS FOR LIABILITIES | 17 | 1,042,479 | 1,181,497 |
NET ASSETS | 37,809,297 | 31,857,325 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 2 | 2 |
Share premium | 19 | 10,974 | 10,974 |
Consolidation reserve | 19 | 3,980,341 | 3,980,341 |
Retained earnings | 19 | 33,817,980 | 27,866,008 |
SHAREHOLDERS' FUNDS | 37,809,297 | 31,857,325 |
The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by: |
Mr R Boydon - Director |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Company Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Share premium | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 10,063,965 | 11,266,100 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Consolidated Statement of Changes in Equity |
for the Year Ended 29 February 2024 |
Called up |
share | Retained | Share | Consolidation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 March 2022 | 2 | 25,042,293 | 10,974 | 3,980,341 | 29,033,610 |
Changes in equity |
Dividends | - | (7,849,195 | ) | - | - | (7,849,195 | ) |
Total comprehensive income | - | 10,672,910 | - | - | 10,672,910 |
Balance at 28 February 2023 | 2 | 27,866,008 | 10,974 | 3,980,341 | 31,857,325 |
Changes in equity |
Dividends | - | (4,156,662 | ) | - | - | (4,156,662 | ) |
Total comprehensive income | - | 10,108,634 | - | - | 10,108,634 |
Balance at 29 February 2024 | 2 | 33,817,980 | 10,974 | 3,980,341 | 37,809,297 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Company Statement of Changes in Equity |
for the Year Ended 29 February 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 28 February 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 29 February 2024 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Consolidated Cash Flow Statement |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 13,462,468 | 15,441,348 |
Interest paid | (996 | ) | (8 | ) |
Tax paid | (2,332,738 | ) | (1,379,865 | ) |
Net cash from operating activities | 11,128,734 | 14,061,475 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,110,339 | ) | (3,763,821 | ) |
Purchase of investment property | (1,340,619 | ) | - |
Sale of tangible fixed assets | 952,057 | 1,306,811 |
Interest received | 414,830 | 51,785 |
Net cash from investing activities | (4,084,071 | ) | (2,405,225 | ) |
Cash flows from financing activities |
Amount introduced by directors | 398,216 | 49,799 |
Amount withdrawn by directors | (398,150 | ) | (24,900 | ) |
Equity dividends paid | (4,156,662 | ) | (7,849,195 | ) |
Net cash from financing activities | (4,156,596 | ) | (7,824,296 | ) |
Increase in cash and cash equivalents | 2,888,067 | 3,831,954 |
Cash and cash equivalents at beginning of year |
2 |
17,713,154 |
13,881,200 |
Cash and cash equivalents at end of year | 2 | 20,601,221 | 17,713,154 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 29 February 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
29.2.24 | 28.2.23 |
£ | £ |
Profit before taxation | 13,023,698 | 13,293,027 |
Depreciation charges | 2,112,797 | 2,334,227 |
Profit on disposal of fixed assets | (347,690 | ) | (635,519 | ) |
Gain on revaluation of fixed assets | (361,773 | ) | - |
Impairment of tangible fixed assets | - | 1,022,778 |
Finance costs | 996 | 8 |
Finance income | (414,830 | ) | (51,785 | ) |
14,013,198 | 15,962,736 |
(Increase)/decrease in stocks | (2,762 | ) | 2,240 |
Increase in trade and other debtors | (537,461 | ) | (842,511 | ) |
(Decrease)/increase in trade and other creditors | (10,507 | ) | 318,883 |
Cash generated from operations | 13,462,468 | 15,441,348 |
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 29 February 2024 |
29.2.24 | 1.3.23 |
£ | £ |
Cash and cash equivalents | 20,601,221 | 17,713,154 |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 17,713,154 | 13,881,200 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.23 | Cash flow | At 29.2.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 17,713,154 | 2,888,067 | 20,601,221 |
17,713,154 | 2,888,067 | 20,601,221 |
Total | 17,713,154 | 2,888,067 | 20,601,221 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Tardis Environmental UK (Holdings) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The group does not have any significant judgements or estimates in their accounts. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Rendering of services |
When the outcome of a transaction can be estimated reliably, turnover from the hire of equipment is recognised when the asset is hired in advance for the minimum hire period. Turnover from tank empties and all other services are recognised by reference to the stage of completion at the balance sheet date. |
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
Interest and rent received |
Interest income is recognised using the effective interest method. Rent receivable is recognised as the |
company's right to receive payment is established. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Following a review of the useful lives of the computer equipment, the directors have decided to depreciate the asset over a 3 years straight line period rather than 25% reducing balance method. The change in useful economic life, is justified as this better reflects the period in which computer equipment is used before it is scrapped or ceases to be used by the company in day to day activities |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Other Investments |
Other investments are measured at cost less impairment. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
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 |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Basic financial instruments |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. The company does not have any other basic financial instruments. |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
29.2.24 | 28.2.23 |
£ | £ |
Hire and sales of equipment | 34,826,920 | 34,459,066 |
34,826,920 | 34,459,066 |
4. | EMPLOYEES AND DIRECTORS |
29.2.24 | 28.2.23 |
£ | £ |
Wages and salaries | 7,231,796 | 6,816,438 |
Social security costs | 773,902 | 753,593 |
Other pension costs | 138,801 | 114,023 |
8,144,499 | 7,684,054 |
The average number of employees during the year was as follows: |
29.2.24 | 28.2.23 |
Directors | 5 | 5 |
Admin | 44 | 43 |
Direct | 130 | 129 |
29.2.24 | 28.2.23 |
£ | £ |
Directors' remuneration | 400,923 | 374,698 |
Directors' pension contributions to money purchase schemes | 4,377 | 4,377 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 | 4 |
Information regarding the highest paid director is as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Emoluments etc | 133,600 | 130,000 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
29.2.24 | 28.2.23 |
£ | £ |
Hire of plant and machinery | 322,537 | 319,135 |
Other operating leases | 629,509 | 529,615 |
Depreciation - owned assets | 2,112,797 | 2,334,225 |
Profit on disposal of fixed assets | (347,690 | ) | (635,519 | ) |
Auditors' remuneration | 16,650 | 20,355 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
29.2.24 | 28.2.23 |
£ | £ |
Interest on late tax payments | 996 | 8 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Current tax: |
UK corporation tax | 3,050,918 | 2,227,181 |
Prior year tax adjustment | 3,164 | - |
Total current tax | 3,054,082 | 2,227,181 |
Deferred tax | (139,018 | ) | 392,936 |
Tax on profit | 2,915,064 | 2,620,117 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
7. | TAXATION - continued |
Reconciliation of total tax 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: |
29.2.24 | 28.2.23 |
£ | £ |
Profit before tax | 13,023,698 | 13,293,027 |
Profit multiplied by the standard rate of corporation tax in the UK of 24.492 % (2023 - 19 %) |
3,189,764 |
2,525,675 |
Effects of: |
Expenses not deductible for tax purposes | 11,673 | 197,587 |
Income not taxable for tax purposes | (88,605 | ) | (120,749 | ) |
Capital allowances in excess of depreciation | (61,201 | ) | (390,400 | ) |
Adjustments to tax charge in respect of previous periods | 3,164 | - |
Deferred tax | (139,018 | ) | 392,936 |
Chargeable gain | - | 15,068 |
Hybrid tax rate round difference | (713 | ) | - |
Total tax charge | 2,915,064 | 2,620,117 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
29.2.24 | 28.2.23 |
£ | £ |
Ordinary shares of 0.1p each |
Interim dividends | 359,787 | 1,177,959 |
Ordinary A shares of 0.1p each |
Interim dividends | 2,847,722 | 5,847,768 |
Ordinary B shares of 0.1p each |
Interim dividends | 204,722 | 12,830 |
Ordinary C shares of 0.1p each |
Interim dividends | 744,431 | 810,638 |
4,156,662 | 7,849,195 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 March 2023 | 2,729,037 | 21,786 | 8,086,390 |
Additions | - | 36,315 | 1,627,261 |
Disposals | - | - | (503,579 | ) |
Reclassification/transfer | (665,775 | ) | - | - |
At 29 February 2024 | 2,063,262 | 58,101 | 9,210,072 |
DEPRECIATION |
At 1 March 2023 | 38,305 | 19,232 | 4,656,970 |
Charge for year | 8,253 | 638 | 1,021,206 |
Eliminated on disposal | - | - | (334,836 | ) |
At 29 February 2024 | 46,558 | 19,870 | 5,343,340 |
NET BOOK VALUE |
At 29 February 2024 | 2,016,704 | 38,231 | 3,866,732 |
At 28 February 2023 | 2,690,732 | 2,554 | 3,429,420 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2023 | 7,847,843 | 696,568 | 19,381,624 |
Additions | 2,407,340 | 39,423 | 4,110,339 |
Disposals | (1,405,653 | ) | (371,663 | ) | (2,280,895 | ) |
Reclassification/transfer | - | - | (665,775 | ) |
At 29 February 2024 | 8,849,530 | 364,328 | 20,545,293 |
DEPRECIATION |
At 1 March 2023 | 4,410,478 | 592,215 | 9,717,200 |
Charge for year | 1,006,427 | 76,273 | 2,112,797 |
Eliminated on disposal | (990,019 | ) | (351,673 | ) | (1,676,528 | ) |
At 29 February 2024 | 4,426,886 | 316,815 | 10,153,469 |
NET BOOK VALUE |
At 29 February 2024 | 4,422,644 | 47,513 | 10,391,824 |
At 28 February 2023 | 3,437,365 | 104,353 | 9,664,424 |
Included in cost of land and buildings is freehold land of £665,775 (2023 - £665,775) which is not depreciated. |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Following a review of the useful lives of the computer equipment, the directors have decided to depreciate the asset over 3 years straight line rather than 25% reducing balance method. |
Had the computer equipment always been depreciated at the new rate, the fixed assets brought forward would be reduced by £19,900. Therefore assets with a value of £19,900 were impaired to nil during the year in line with the change in accounting policy. |
The effect on this year's accounts is an increased depreciation charge from £21,071 to £76,272, reducing the net book value of the computer equipment on the balance sheet by £52,202. |
No depreciation is provided on freehold property as the directors believe their value to be in excess of cost. |
Company |
Improvements |
Freehold | to | Plant and | Motor |
property | property | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Included in cost of land and buildings is freehold land of £ 665,775 (2023 - £ 665,775 ) which is not depreciated. |
No depreciation is provided on freehold property as the directors believe their value to be in excess of cost. |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
11. | FIXED ASSET INVESTMENTS |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Other investments not loans | 690,209 | 690,209 |
690,209 | 690,209 |
Additional information is as follows: |
Group |
Investments (neither listed nor unlisted) were as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Classic car fleet cost | 690,209 | 690,209 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Investments (neither listed nor unlisted) were as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Classic car fleet cost | 690,209 | 690,209 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Site 4, Halesfield 21, Telford, Shropshire, TF7 4PA, England. |
Nature of business: |
% |
Class of shares: | holding |
29.2.24 | 28.2.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Site 4, Halesfield 21, Telford, Shropshire, TF7 4PA, England. |
Nature of business: |
% |
Class of shares: | holding |
29.2.24 | 28.2.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
The subsidiary is exempt from the requirements of the Companies Act 2006 relating to the audit of its individual accounts by virtue of section 479A. |
The directors believe that the original cost of fixed asset investments remains representative of their value in the accounts. |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 March 2023 | 1,464,893 |
Additions | 1,340,619 |
Revaluations | 361,773 |
Reclassification/transfer | 665,775 |
At 29 February 2024 | 3,833,060 |
NET BOOK VALUE |
At 29 February 2024 | 3,833,060 |
At 28 February 2023 | 1,464,893 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2024 | 361,773 |
Cost | 3,471,287 |
3,833,060 |
During the year the investment properties were revalued by the directors to reflect fair value of the properties. The fair value was based on the open market value of the investment properties. |
Company |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
Additions |
Revaluations | 361,773 |
Reclassification/transfer | 665,775 |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | INVESTMENT PROPERTY - continued |
Company |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2024 | 361,773 |
Cost | 3,471,287 |
3,833,060 |
During the year the investment properties were revalued by the directors to reflect fair value of the properties. The fair value was based on the open market value of the investment properties. |
13. | STOCKS |
Group |
29.2.24 | 28.2.23 |
£ | £ |
Stocks | 58,798 | 56,036 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Trade debtors | 5,396,145 | 6,411,295 |
Amounts owed by group undertakings | - | - |
Other debtors | 1,814,151 | 227,873 |
VAT | - | - |
Prepayments and accrued income | 146,423 | 180,090 |
7,356,719 | 6,819,258 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Trade creditors | 1,478,091 | 1,276,099 |
Tax | 1,606,944 | 885,600 |
Social security and other taxes | 136,490 | 137,760 |
VAT | 438,392 | 702,308 | - | 43,471 |
Other creditors | 310,279 | 237,198 |
Directors' current accounts | 23,647 | 23,581 | 23,647 | 23,581 |
Accruals and deferred income | 86,212 | 106,606 |
4,080,055 | 3,369,152 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
29.2.24 | 28.2.23 |
£ | £ |
Within one year | 481,313 | 403,297 |
Between one and five years | 976,558 | 979,863 |
In more than five years | 201,250 | 298,750 |
1,659,121 | 1,681,910 |
At the year end the company had contracts in place with tenants under lease contracts. The minimum lease payments due to the company was as follows |
Group |
29.2.24 | 28.2.23 |
£ | £ |
Within one year | 63,780 | 28,560 |
Between one and five years | 90,440 | 119,000 |
In more than five years | - | - |
154,220 | 147,560 |
Company |
Non-cancellable operating | leases |
29.2.24 | 28.2.23 |
£ | £ |
17. | PROVISIONS FOR LIABILITIES |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Deferred tax | 1,042,479 | 1,181,497 | 776,374 | 805,914 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
17. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 March 2023 | 1,181,497 |
Credit to Income Statement during year | (139,018 | ) |
Balance at 29 February 2024 | 1,042,479 |
Company |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 29 February 2024 |
Deferred tax provision, relate wholly to accelerated capital allowances. |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary | 0.1p | 2 | 2 |
Ordinary A | 0.1p | - | - |
20 | Ordinary B | 0.1p | - | - |
5 | Ordinary C | 0.1p | - | - |
2 | 2 |
19. | RESERVES |
Group |
Retained | Share | Consolidation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 March 2023 | 27,866,008 | 10,974 | 3,980,341 | 31,857,323 |
Profit for the year | 10,108,634 | - | - | 10,108,634 |
Dividends | (4,156,662 | ) | - | - | (4,156,662 | ) |
At 29 February 2024 | 33,817,980 | 10,974 | 3,980,341 | 37,809,295 |
Tardis Environmental |
UK (Holdings) Limited (Registered number: 07689965) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
19. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 March 2023 | 29,299,971 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 29 February 2024 | 35,207,274 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023: |
29.2.24 | 28.2.23 |
£ | £ |
C Boydon |
Balance outstanding at start of year | - | 3,817 |
Amounts repaid | - | (3,817 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
21. | RELATED PARTY DISCLOSURES |
Key management personnel of the entity or its parent (in the aggregate) |
29.2.24 | 28.2.23 |
£ | £ |
Dividends paid | 564,509 | 2,001,427 |
Amount due to related party | 43,500 | 43,500 |
Other related parties |
29.2.24 | 28.2.23 |
£ | £ |
Dividends paid (a discretionary trust of the directors and family members) | 2,847,722 | 5,847,768 |
Key Managment Personnel are deemed to be C Boydon and R Boydon, due to their control and involvement in day to day activities. |
22. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr C Boydon. |