Company Registration No. 03670618 (England and Wales)
Tailored Systems Ltd
Unaudited Filleted accounts
for the year ended 31 March 2024
Tailored Systems Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
142,699
67,137
Inventories
234,421
260,950
Cash at bank and in hand
433,714
532,298
Creditors: amounts falling due within one year
(456,038)
(570,741)
Net current assets
562,944
663,884
Total assets less current liabilities
705,643
731,021
Creditors: amounts falling due after more than one year
(44,640)
(22,435)
Provisions for liabilities
Deferred tax
(35,674)
(12,755)
Net assets
625,329
695,831
Called up share capital
1,451
1,451
Capital redemption reserve
9,050
9,050
Profit and loss account
614,828
685,330
Shareholders' funds
625,329
695,831
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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 September 2024 and were signed on its behalf by
Mr Steven Grannell
Director
Company Registration No. 03670618
Tailored Systems Ltd
Notes to the Accounts
for the year ended 31 March 2024
Tailored Systems Ltd is a private company, limited by shares, registered in England and Wales, registration number 03670618. The registered office is Unit A2, Lecturers Close, Bolton, Lancashire, BL3 6DG, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
33% straight line
Motor vehicles
33% reducing balance
Computer equipment
33% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tailored Systems Ltd
Notes to the Accounts
for the year ended 31 March 2024
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
3,970
31,002
158,649
21,340
214,961
Additions
-
-
125,364
-
125,364
Disposals
-
-
(84,685)
-
(84,685)
At 31 March 2024
3,970
31,002
199,328
21,340
255,640
At 1 April 2023
3,970
21,956
103,475
18,423
147,824
Charge for the year
-
3,328
33,387
1,426
38,141
On disposals
-
-
(71,663)
(1,361)
(73,024)
At 31 March 2024
3,970
25,284
65,199
18,488
112,941
At 31 March 2024
-
5,718
134,129
2,852
142,699
At 31 March 2023
-
9,046
55,174
2,917
67,137
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Tailored Systems Ltd
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Trade debtors
331,070
430,786
Accrued income and prepayments
19,777
10,590
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
9,580
9,952
Obligations under finance leases and hire purchase contracts
13,446
-
Trade creditors
311,936
411,360
Taxes and social security
100,271
121,886
Bank loans and overdrafts are secured by a fixed and floating charge over the company’s assets.
Finance leases are secured on the assets concerned.
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Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
31,375
-
Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 12 May 2026. The carrying amount at year end is £22,845 (2023 - £32,387). The loan is provided to assist with the effects of the Covid-19 pandemic, received in May 2020. It is repayable over 5 years and interest is charged at 2.5% per annum for the duration of the loan.
Finance leases are secured on the assets concerned.
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Operating lease commitments
2024
2023
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
100,110
12,859
Later than one year and not later than five years
267,277
-
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Average number of employees
During the year the average number of employees was 23 (2023: 25).