Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31Renting and leasing office machinery and equipment2023-04-01false1211falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02789063 2023-04-01 2024-03-31 02789063 2022-04-01 2023-03-31 02789063 2024-03-31 02789063 2023-03-31 02789063 2022-04-01 02789063 c:Director1 2023-04-01 2024-03-31 02789063 d:PlantMachinery 2023-04-01 2024-03-31 02789063 d:PlantMachinery 2024-03-31 02789063 d:PlantMachinery 2023-03-31 02789063 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02789063 d:MotorVehicles 2023-04-01 2024-03-31 02789063 d:MotorVehicles 2024-03-31 02789063 d:MotorVehicles 2023-03-31 02789063 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02789063 d:FurnitureFittings 2023-04-01 2024-03-31 02789063 d:FurnitureFittings 2024-03-31 02789063 d:FurnitureFittings 2023-03-31 02789063 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02789063 d:OfficeEquipment 2023-04-01 2024-03-31 02789063 d:ComputerEquipment 2023-04-01 2024-03-31 02789063 d:ComputerEquipment 2024-03-31 02789063 d:ComputerEquipment 2023-03-31 02789063 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02789063 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02789063 d:CurrentFinancialInstruments 2024-03-31 02789063 d:CurrentFinancialInstruments 2023-03-31 02789063 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02789063 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02789063 d:ShareCapital 2024-03-31 02789063 d:ShareCapital 2023-03-31 02789063 d:RetainedEarningsAccumulatedLosses 2024-03-31 02789063 d:RetainedEarningsAccumulatedLosses 2023-03-31 02789063 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02789063 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02789063 c:OrdinaryShareClass1 2023-04-01 2024-03-31 02789063 c:OrdinaryShareClass1 2024-03-31 02789063 c:OrdinaryShareClass1 2023-03-31 02789063 c:FRS102 2023-04-01 2024-03-31 02789063 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02789063 c:FullAccounts 2023-04-01 2024-03-31 02789063 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02789063 2 2023-04-01 2024-03-31 02789063 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02789063









T.F.I. (CONCEPTS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
774,346
732,445

  
774,346
732,445

Current assets
  

Stocks
 5 
92,000
-

Debtors: amounts falling due within one year
 6 
919,622
2,131,623

Cash at bank and in hand
 7 
2,128,096
1,634,053

  
3,139,718
3,765,676

Creditors: amounts falling due within one year
 8 
(821,089)
(1,105,935)

Net current assets
  
 
 
2,318,629
 
 
2,659,741

Total assets less current liabilities
  
3,092,975
3,392,186

Provisions for liabilities
  

Deferred tax
 9 
134,398
106,981

  
 
 
(134,398)
 
 
(106,981)

 
T.F.I. (CONCEPTS) LIMITED
 
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


Net assets
  
2,958,577
3,285,205


Capital and reserves
  

Called up share capital 
 10 
1,000
1,000

Profit and loss account
  
2,957,577
3,284,205

  
2,958,577
3,285,205


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
T.F.I. (CONCEPTS) LIMITED
REGISTERED NUMBER: 02789063
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf    on 24 August 2024.


M J Bamber
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
T.F.I. (CONCEPTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company, incorporated in England and Wales, has its registered office at Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent, DA2 6QA.
The company's principal activity is that of office fit outs and supply of office furniture.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Secion 1A of FRS 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
T.F.I. (CONCEPTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
T.F.I. (CONCEPTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
15%
Reducing balance
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial asets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Page 5

 
T.F.I. (CONCEPTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


 
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 profit or loss using the effective interest method.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
T.F.I. (CONCEPTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 11).

Page 7

 
T.F.I. (CONCEPTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
45,892
518,942
614,644
69,213
1,248,691


Additions
7,165
223,434
-
6,493
237,092


Disposals
-
(138,464)
-
(3,390)
(141,854)



At 31 March 2024

53,057
603,912
614,644
72,316
1,343,929



Depreciation


At 1 April 2023
40,364
306,954
117,827
51,101
516,246


Charge for the year on owned assets
1,691
85,699
74,523
7,577
169,490


Disposals
-
(112,763)
-
(3,390)
(116,153)



At 31 March 2024

42,055
279,890
192,350
55,288
569,583



Net book value



At 31 March 2024
11,002
324,022
422,294
17,028
774,346



At 31 March 2023
5,528
211,988
496,817
18,112
732,445


5.


Stocks

2024
2023
£
£

Work in progress
92,000
-


Page 8

 
T.F.I. (CONCEPTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
200,977
1,415,410

Amounts owed by associated undertakings
479,241
547,353

Other debtors
12,055
5,500

Prepayments and accrued income
227,349
163,360

919,622
2,131,623



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,128,096
1,634,053

2,128,096
1,634,053



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
132,117
265,442

Corporation tax
48,459
228,541

Other taxation and social security
23,950
186,210

Other creditors
608,213
417,392

Accruals and deferred income
8,350
8,350

821,089
1,105,935


Page 9

 
T.F.I. (CONCEPTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
(106,981)
(91,147)


Charged to profit or loss
(27,417)
(15,834)



At end of year
(134,398)
(106,981)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
134,398
106,981

134,398
106,981


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £29,555 (2023 - £41,063). Contributions totalling £2,849 (2023 - £5,954) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

Included within other debtors due within one year is an amount of £479,241 (2023 - £547,353) due from SML Financial Limited, a company in which the director is a shareholder and director.
Included within other creditors due within one year is an amount of £466,851 
(2023 - £290,527) due to the shareholders of the company.
The director had an interest in dividends voted during the year of £385,000 (
2023: £448,000). 

 
Page 10