Tucker Mechanical and Electrical Building Services Ltd 03695967 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is is that of mechanical service contractors and sheet metal manufacturing engineers. Digita Accounts Production Advanced 6.30.9574.0 true true true false true 03695967 2023-02-01 2024-01-31 03695967 2024-01-31 03695967 bus:Director1 1 2024-01-31 03695967 bus:Director5 1 2024-01-31 03695967 bus:Director6 2024-01-31 03695967 bus:Director6 1 2024-01-31 03695967 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-01-31 03695967 core:TaxLossesCarry-forwardsDeferredTax 2024-01-31 03695967 core:RetainedEarningsAccumulatedLosses 2024-01-31 03695967 core:ShareCapital 2024-01-31 03695967 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 03695967 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 03695967 core:CurrentFinancialInstruments 2024-01-31 03695967 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 03695967 core:CurrentFinancialInstruments core:WithinOneYear 2 2024-01-31 03695967 core:Non-currentFinancialInstruments 2024-01-31 03695967 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 03695967 core:BetweenTwoFiveYears 2024-01-31 03695967 core:WithinOneYear 2024-01-31 03695967 core:FurnitureFittingsToolsEquipment 2024-01-31 03695967 core:LandBuildings 2024-01-31 03695967 core:MotorVehicles 2024-01-31 03695967 core:OtherPropertyPlantEquipment 2024-01-31 03695967 core:DeferredTaxation 2024-01-31 03695967 bus:FRS102 2023-02-01 2024-01-31 03695967 bus:Audited 2023-02-01 2024-01-31 03695967 bus:FullAccounts 2023-02-01 2024-01-31 03695967 bus:RegisteredOffice 2023-02-01 2024-01-31 03695967 bus:Director1 2023-02-01 2024-01-31 03695967 bus:Director1 1 2023-02-01 2024-01-31 03695967 bus:Director3 2023-02-01 2024-01-31 03695967 bus:Director5 2023-02-01 2024-01-31 03695967 bus:Director5 1 2023-02-01 2024-01-31 03695967 bus:Director6 2023-02-01 2024-01-31 03695967 bus:Director6 1 2023-02-01 2024-01-31 03695967 bus:HighestPaidDirector 2023-02-01 2024-01-31 03695967 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-02-01 2024-01-31 03695967 bus:Consolidated 2023-02-01 2024-01-31 03695967 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03695967 core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 03695967 core:ShareCapital 2023-02-01 2024-01-31 03695967 core:PlantEquipmentUnderOperatingLeases 2023-02-01 2024-01-31 03695967 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 03695967 core:LandBuildings 2023-02-01 2024-01-31 03695967 core:MotorVehicles 2023-02-01 2024-01-31 03695967 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 03695967 core:PlantMachinery 2023-02-01 2024-01-31 03695967 core:DeferredTaxation 2023-02-01 2024-01-31 03695967 core:OtherRelatedParties 2023-02-01 2024-01-31 03695967 core:ParentEntities 2023-02-01 2024-01-31 03695967 core:UKTax 2023-02-01 2024-01-31 03695967 1 2023-02-01 2024-01-31 03695967 countries:England 2023-02-01 2024-01-31 03695967 2023-01-31 03695967 bus:Director1 1 2023-01-31 03695967 bus:Director5 1 2023-01-31 03695967 bus:Director6 1 2023-01-31 03695967 core:RetainedEarningsAccumulatedLosses 2023-01-31 03695967 core:ShareCapital 2023-01-31 03695967 core:FurnitureFittingsToolsEquipment 2023-01-31 03695967 core:LandBuildings 2023-01-31 03695967 core:MotorVehicles 2023-01-31 03695967 core:OtherPropertyPlantEquipment 2023-01-31 03695967 core:DeferredTaxation 2023-01-31 03695967 2022-02-01 2023-01-31 03695967 2023-01-31 03695967 bus:Director1 1 2023-01-31 03695967 bus:Director3 1 2023-01-31 03695967 bus:Director5 1 2023-01-31 03695967 bus:Director6 1 2023-01-31 03695967 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-01-31 03695967 core:TaxLossesCarry-forwardsDeferredTax 2023-01-31 03695967 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 03695967 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 03695967 core:CurrentFinancialInstruments 2023-01-31 03695967 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 03695967 core:CurrentFinancialInstruments core:WithinOneYear 2 2023-01-31 03695967 core:Non-currentFinancialInstruments 2023-01-31 03695967 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 03695967 core:BetweenTwoFiveYears 2023-01-31 03695967 core:WithinOneYear 2023-01-31 03695967 core:FurnitureFittingsToolsEquipment 2023-01-31 03695967 core:LandBuildings 2023-01-31 03695967 core:MotorVehicles 2023-01-31 03695967 core:OtherPropertyPlantEquipment 2023-01-31 03695967 bus:Director1 1 2022-02-01 2023-01-31 03695967 bus:Director3 1 2022-02-01 2023-01-31 03695967 bus:Director5 1 2022-02-01 2023-01-31 03695967 bus:Director6 1 2022-02-01 2023-01-31 03695967 bus:HighestPaidDirector 2022-02-01 2023-01-31 03695967 core:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 03695967 core:ShareCapital 2022-02-01 2023-01-31 03695967 core:PlantEquipmentUnderOperatingLeases 2022-02-01 2023-01-31 03695967 core:UKTax 2022-02-01 2023-01-31 03695967 2022-01-31 03695967 bus:Director1 1 2022-01-31 03695967 bus:Director3 1 2022-01-31 03695967 bus:Director5 1 2022-01-31 03695967 bus:Director6 1 2022-01-31 03695967 core:RetainedEarningsAccumulatedLosses 2022-01-31 03695967 core:ShareCapital 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03695967

Tucker Mechanical and Electrical Building Services Ltd

Annual Report and Financial Statements

for the Year Ended 31 January 2024

 

Tucker Mechanical and Electrical Building Services Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11 to 22

 

Tucker Mechanical and Electrical Building Services Ltd

Company Information

Directors

Mr N D Munt

Mr M Snape

Mrs J Snape

Registered office

Rotterdam Road
Sutton Fields Industrial Estate
Hull
HU7 0XD

Auditors

Cameron, Ferriby & Co
Bridge House
41 Wincolmlee
Hull
East Yorkshire
HU2 8AG

 

Tucker Mechanical and Electrical Building Services Ltd

Strategic Report for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

Principal activity

The principal activity of the company is is that of mechanical service contractors and sheet metal manufacturing engineers.

Fair review of the business

The Company provides design, supply and installation services as a mechanical and electrical subcontractor through the UK and continues to maintain good working relationships with all its major suppliers and customers old and new.

The Directors were encouraged with the trading performance during the current financial year which was still affected by fluctuating inflation, high interest rates and challenging trading conditions in the construction sector.

The Company's order book and pipeline provide the Directors with confidence for 2024 and beyond together and are committed with the on-going investment in the skilled workforce to meet the expectations of the customers.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Profit/(Loss) before tax for the financial year

£

239,654

309,850

Gross Profit

%

11

9

Current ratio

2

1

Asset ratio

2

1

Principal risks and uncertainties

The sector the company operates within remains competitive. Fluctuating inflation and high interest rates continue to have an impact on the construction sector.

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

.........................................
Mr M Snape
Director

 

Tucker Mechanical and Electrical Building Services Ltd

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr N D Munt

Mr M Snape

Mrs J Snape

Mr J M S Magee (ceased 13 September 2024)

Financial instruments

Objectives and policies

The companies principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's working capital.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk
The company operates in a competitive market. Good relationships are maintained with our suppliers and partners to secure competitive prices.

Credit risk
The company manages credit risk by regular reviews of the amount of credit and time limits offered to customers.
The company also regularly monitors the amounts owed by customers to minimise its exposure to bad debts and measures are taken to collectpayments during the time span of the individual projects.

Liquidity risk
The company's liquidity risk is managed by ensuring sufficient funds are available to meet its liabilities as they fall due for payment. The Directors do not consider that liquidity poses a significant risk.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Cameron, Ferriby & Co as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

.........................................
Mr M Snape
Director

 

Tucker Mechanical and Electrical Building Services Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Tucker Mechanical and Electrical Building Services Ltd

Independent Auditor's Report to the Members of Tucker Mechanical and Electrical Building Services Ltd

Opinion

We have audited the financial statements of Tucker Mechanical and Electrical Building Services Ltd (the 'company') for the year ended 31 January 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and 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 company's affairs as at 31 January 2024 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Tucker Mechanical and Electrical Building Services Ltd

Independent Auditor's Report to the Members of Tucker Mechanical and Electrical Building Services Ltd

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 4], 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of designing our audit:

We obtained an understanding of laws and regulations that affect the company and the industry in which it operates, including the Companies Act 2006, tax legislation, employment legislation, data protection and health and safety legislation.
We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information.
In response to the risk of irregularities and non-compliance with laws and regulations, we enquired with management as to any actual or potential litigations claims, reviewed correspondence with HMRC, relevant regulators and the companies’ legal advisors, and agreed financial statement disclosures to underlying documentation.

We determined materiality and assessed the risks of material misstatement in the financial statements. We looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain.

We gained an understanding of the controls that the directors have in place to prevent and detect fraud and enquired of any instances of fraud that had taken place during the period. In assessing the risk of fraud due to management override of internal controls, we tested the appropriateness of journal entries, performed analytical procedures, and assessed whether judgements made in accounting estimates were indicative of potential bias.

 

Tucker Mechanical and Electrical Building Services Ltd

Independent Auditor's Report to the Members of Tucker Mechanical and Electrical Building Services Ltd

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

......................................
Roger Cameron (Senior Statutory Auditor)
For and on behalf of Cameron, Ferriby & Co, Statutory Auditor

Bridge House
41 Wincolmlee
Hull
East Yorkshire
HU2 8AG

28 October 2024

 

Tucker Mechanical and Electrical Building Services Ltd

Profit and Loss Account for the Year Ended 31 January 2024

Note

2024
£

2023
£

Turnover

3

25,145,326

26,935,180

Cost of sales

 

(22,357,154)

(24,399,387)

Gross profit

 

2,788,172

2,535,793

Administrative expenses

 

(2,528,210)

(2,212,609)

Operating profit

5

259,962

323,184

Other interest receivable and similar income

6

636

152

Interest payable and similar expenses

7

(20,944)

(13,486)

   

(20,308)

(13,334)

Profit before tax

 

239,654

309,850

Tax on profit

11

211,935

48,727

Profit for the financial year

 

451,589

358,577

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Tucker Mechanical and Electrical Building Services Ltd

(Registration number: 03695967)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

163,869

187,688

Current assets

 

Stocks

13

666,109

285,506

Debtors

14

9,012,731

9,818,543

Cash at bank and in hand

 

47,992

1,194,386

 

9,726,832

11,298,435

Creditors: Amounts falling due within one year

16

(6,250,039)

(8,115,387)

Net current assets

 

3,476,793

3,183,048

Total assets less current liabilities

 

3,640,662

3,370,736

Creditors: Amounts falling due after more than one year

16

(146,661)

(253,324)

Net assets

 

3,494,001

3,117,412

Capital and reserves

 

Called up share capital

200,000

200,000

Retained earnings

3,294,001

2,917,412

Shareholders' funds

 

3,494,001

3,117,412

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

.........................................
Mr N D Munt
Director

 

Tucker Mechanical and Electrical Building Services Ltd

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Retained earnings
£

Total
£

At 1 February 2023

200,000

2,917,412

3,117,412

Profit for the year

-

451,589

451,589

Dividends

-

(75,000)

(75,000)

At 31 January 2024

200,000

3,294,001

3,494,001

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

200,000

2,809,968

3,009,968

Profit for the year

-

358,577

358,577

Dividends

-

(251,133)

(251,133)

At 31 January 2023

200,000

2,917,412

3,117,412

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Rotterdam Road
Sutton Fields Industrial Estate
Hull
HU7 0XD

These financial statements were authorised for issue by the Board on 28 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Going concern

The current management information, when compared to the year under review, disclose a significant improvement in the company's trading performance, excellent levels of sales growth and contract enquiries. The Company remains positive, even though the economic outlook is uncertain, and is well placed to manage business risks successfully.

Accordingly, they have reasonable expectations that the Company have adequate resources, liquidity and banking facilities to continue in operational existence for the foreseeable future.

Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

Judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of the estimation means the actual outcomes could differ from those estimates.

The following judgement (apart from those involving estimates) have had the most significant impact on amounts recognised in the financial statements.

The percentage of completion method and the determination of revenues to recognise contract claims and variations are reliant on estimates in particlar regarding future expected costs and revenues. The Company regularly reviews the appropriateness of these assumptions.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Contract revenue includes the initial agreed contract price plus any variations to the contract, claims and incentive payments to the extent that it is probable that they will result in revenue and are capable of being reliably measured.

When the outcome of a construction contract can be estimated reliably, contract revenue and costs are recognised by reference to the stage of completion at the balance sheet date. The stage of completion is assessed by reference to the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs

When the outcome of a construction contract cannot be estimated reliably contract revenue is recognised to the extent of costs incurred which are likely to be recoverable.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

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.

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.

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

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

Short Leasehold

Straight line over life of the lease

Plant and equipment

12.5% and 15% reducing balance

Fixtures, fittings and equipment

20 % reducing balance

Motor vehicles

15% reducing balance

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

25,145,326

26,935,180

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Loss on disposal of Tangible assets

(1)

(589)

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

34,399

32,116

Operating lease expense - plant and machinery

151,333

155,309

Loss on disposal of property, plant and equipment

1

589

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

636

152

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

19,799

13,486

Interest on obligations under finance leases and hire purchase contracts

1,145

-

20,944

13,486

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,752,280

2,812,494

Social security costs

281,634

316,594

Pension costs, defined contribution scheme

84,757

104,380

Other employee expense

12,393

9,056

3,131,064

3,242,524

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

23

29

Administration and support

43

41

66

70

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

299,078

252,804

Contributions paid to money purchase schemes

15,070

20,883

314,148

273,687

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

4

5

In respect of the highest paid director:

2024
£

2023
£

Remuneration

101,278

101,588

Company contributions to money purchase pension schemes

4,000

4,000

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

24,375

31,210

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024


 

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

(260,767)

-

Deferred taxation

Arising from origination and reversal of timing differences

48,832

(48,727)

Tax receipt in the income statement

(211,935)

(48,727)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

239,654

309,850

Corporation tax at standard rate

59,914

58,872

Tax increase/(decrease) from effect of capital allowances and depreciation

5,267

(2,533)

Tax increase/(decrease) from other short-term timing differences

48,832

(48,728)

Tax decrease from effect of unrelieved tax losses carried forward

-

(59,094)

Tax decrease from effect of adjustment in research and development tax credit

(260,767)

-

Tax (decrease)/increase from other tax effects

(65,181)

2,756

Total tax credit

(211,935)

(48,727)

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Deferred tax

245,604

-

245,604

-

2023

Asset
£

Liability
£

Deferred tax

294,436

-

294,436

-

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

12

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

343,858

199,410

128,653

222,999

894,920

Additions

-

8,216

-

2,366

10,582

Disposals

-

-

(15,213)

-

(15,213)

At 31 January 2024

343,858

207,626

113,440

225,365

890,289

Depreciation

At 1 February 2023

326,375

142,793

53,420

184,644

707,232

Charge for the year

5,117

12,610

11,285

5,388

34,400

Eliminated on disposal

-

-

(15,212)

-

(15,212)

At 31 January 2024

331,492

155,403

49,493

190,032

726,420

Carrying amount

At 31 January 2024

12,366

52,223

63,947

35,333

163,869

At 31 January 2023

17,483

56,617

75,233

38,355

187,688

13

Stocks

2024
£

2023
£

Raw materials and consumables

350,779

233,379

Work in progress

315,330

52,127

666,109

285,506

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

14

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

5,793,708

6,662,770

Amounts owed by related parties

21

2,449,512

2,325,705

Other debtors

 

165,781

477,351

Prepayments

 

97,359

58,281

Deferred tax assets

11

245,604

294,436

Income tax asset

11

260,767

-

   

9,012,731

9,818,543

Details of non-current trade and other debtors

£39,912 (2023 -£781,306) of Trade receivables is classified as non current.

15

Cash and cash equivalents

2024
£

2023
£

Cash on hand

313

1,945

Cash at bank

46,958

1,174,948

Short-term deposits

721

17,493

47,992

1,194,386

Bank overdrafts

(410,853)

-

Cash and cash equivalents in statement of cash flows

(362,861)

1,194,386

16

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

19

519,755

118,255

Trade creditors

 

4,619,995

4,300,365

Social security and other taxes

 

295,020

121,167

Other payables

 

117,641

131,550

Accruals

 

26,508

56,882

Gross amount due to customers for contract work

 

671,120

3,387,168

 

6,250,039

8,115,387

Due after one year

 

Loans and borrowings

19

146,661

253,324

17

Deferred tax and other provisions

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

Deferred tax
£

Total
£

At 1 February 2023

(294,436)

(294,436)

Increase (decrease) in existing provisions

48,832

48,832

At 31 January 2024

(245,604)

(245,604)

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200,000

200,000

200,000

200,000

       

19

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

133,334

233,333

Hire purchase contracts

13,327

19,991

146,661

253,324

Current loans and borrowings

2024
£

2023
£

Bank borrowings

100,000

100,000

Bank overdrafts

410,853

-

Hire purchase contracts

6,664

6,664

Other borrowings

2,238

11,591

519,755

118,255

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

20

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

126,080

147,076

Later than one year and not later than five years

93,260

63,541

219,340

210,617

21

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr N D Munt

1,808.44

1,440.24

(1,575.00)

1,673.68

Mr J M S Magee

5,230.76

0.00

0.00

5,230.76

Mrs J Snape

7,332.30

0.00

(5,490.33)

1,841.97

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr N D Munt

1,003.38

13,756.02

(12,950.96)

1,808.44

Mr M Snape

68,671.93

8,331.50

(77,003.43)

0.00

Mr J M S Magee

0.00

5,230.76

0.00

5,230.76

Mrs J Snape

0.00

10,986.00

(3,653.70)

7,332.30

 

Tucker Mechanical and Electrical Building Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

Summary of transactions with parent

Advantage has been taken under FRS102 Section 33.1A of the exemption available to groups of companies not to disclose transactions and balances involving group entities.
 

Summary of transactions with other related parties

At the balance sheet date the company is owed £273,256 from a company which holds a miniority share holding in Neville Tucker (Group) limited, The companies ultimate parent.
 

22

Parent and ultimate parent undertaking

The company's immediate parent is Neville Tucker (Holdings) Limited, incorporated in England.

 The ultimate parent is Neville Tucker (Group) Limited, incorporated in England.