Company registration number 04663312 (England and Wales)
S. TYSOE INSTALLATIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
S. TYSOE INSTALLATIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
S. TYSOE INSTALLATIONS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
1,667
Tangible assets
4
406,915
306,837
406,915
308,504
Current assets
Stocks
128,201
124,905
Debtors
5
4,144,591
4,228,345
Cash at bank and in hand
1,524,652
1,253,888
5,797,444
5,607,138
Creditors: amounts falling due within one year
6
(571,116)
(698,867)
Net current assets
5,226,328
4,908,271
Total assets less current liabilities
5,633,243
5,216,775
Provisions for liabilities
(88,377)
(62,568)
Net assets
5,544,866
5,154,207
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
5,544,766
5,154,107
Total equity
5,544,866
5,154,207

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr A P Moon
Director
Company Registration No. 04663312
S. TYSOE INSTALLATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

S. Tysoe Installations Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 18 Leeside, Merrylees, Desford, Leicester, Leicestershire, United Kingdom, LE9 9FS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery etc
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

S. TYSOE INSTALLATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

S. TYSOE INSTALLATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

S. TYSOE INSTALLATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
44
45
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
200,000
Amortisation and impairment
At 1 February 2023
198,333
Amortisation charged for the year
1,667
At 31 January 2024
200,000
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
1,667
S. TYSOE INSTALLATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
833,223
Additions
241,145
Disposals
(103,080)
At 31 January 2024
971,288
Depreciation and impairment
At 1 February 2023
526,386
Depreciation charged in the year
120,865
Eliminated in respect of disposals
(82,878)
At 31 January 2024
564,373
Carrying amount
At 31 January 2024
406,915
At 31 January 2023
306,837
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
225,220
294,152
Corporation tax recoverable
48,963
-
0
Amounts owed by group undertakings
3,858,132
3,859,291
Other debtors
12,276
74,902
4,144,591
4,228,345

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
361,839
488,969
Amounts owed to group undertakings
47,500
47,500
Corporation tax
-
0
53,649
Other taxation and social security
58,435
78,441
Other creditors
103,342
30,308
571,116
698,867
S. TYSOE INSTALLATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Claire Clift
Statutory Auditor:
Azets Audit Services
8
Financial commitments, guarantees and contingent liabilities

As at the balance sheet date the company had total guarantees, contingencies and commitments of £14,000 (2023: £14,000).

9
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

 

The ultimate parent company of the only group of which the company is a member is The P & M Group Limited, a company registered in England and Wales, with registered office of Unit A, 125 Business Park, Llanthony Road, Gloucester, Gloucestershire, GL2 5JQ. The financial statements for The P&M Group Limited consolidate the results of the company and are publicly available.

2024-01-312023-02-01false29 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr A P MoonMr Adrian SmithMr Anthony WallJane GwatkinJ Gwatkinfalsefalse046633122023-02-012024-01-31046633122024-01-31046633122023-01-3104663312core:NetGoodwill2024-01-3104663312core:NetGoodwill2023-01-3104663312core:OtherPropertyPlantEquipment2024-01-3104663312core:OtherPropertyPlantEquipment2023-01-3104663312core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3104663312core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3104663312core:CurrentFinancialInstruments2024-01-3104663312core:CurrentFinancialInstruments2023-01-3104663312core:ShareCapital2024-01-3104663312core:ShareCapital2023-01-3104663312core:RetainedEarningsAccumulatedLosses2024-01-3104663312core:RetainedEarningsAccumulatedLosses2023-01-3104663312bus:Director12023-02-012024-01-3104663312core:Goodwill2023-02-012024-01-3104663312core:PlantMachinery2023-02-012024-01-31046633122022-02-012023-01-3104663312core:NetGoodwill2023-01-3104663312core:NetGoodwill2023-02-012024-01-3104663312core:OtherPropertyPlantEquipment2023-01-3104663312core:OtherPropertyPlantEquipment2023-02-012024-01-3104663312core:WithinOneYear2024-01-3104663312core:WithinOneYear2023-01-3104663312bus:PrivateLimitedCompanyLtd2023-02-012024-01-3104663312bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3104663312bus:FRS1022023-02-012024-01-3104663312bus:Audited2023-02-012024-01-3104663312bus:Director22023-02-012024-01-3104663312bus:Director32023-02-012024-01-3104663312bus:Director42023-02-012024-01-3104663312bus:CompanySecretary12023-02-012024-01-3104663312bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP