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REGISTERED NUMBER: 01786258 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

TMB Patterns Limited

TMB Patterns Limited (Registered number: 01786258)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TMB Patterns Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M J Baker
L J Singleton



REGISTERED OFFICE: 24 Brue Avenue
Bridgwater
Somerset
TA6 5LT



REGISTERED NUMBER: 01786258 (England and Wales)



BANKERS: Lloyds TSB plc
31 Fore Street
Taunton
Somerset
TA1 1HN

TMB Patterns Limited (Registered number: 01786258)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 37,040 36,493
Tangible assets 5 2,304,640 2,576,362
Investments 6 165 165
2,341,845 2,613,020

CURRENT ASSETS
Stocks 314,174 309,061
Debtors 7 1,033,235 1,051,296
Cash at bank and in hand 130,149 66,283
1,477,558 1,426,640
CREDITORS
Amounts falling due within one year 8 1,059,241 984,740
NET CURRENT ASSETS 418,317 441,900
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,760,162

3,054,920

CREDITORS
Amounts falling due after more than one
year

9

(621,106

)

(883,519

)

PROVISIONS FOR LIABILITIES 12 (264,363 ) (318,333 )
NET ASSETS 1,874,693 1,853,068

CAPITAL AND RESERVES
Called up share capital 70 70
Capital redemption reserve 30 30
Retained earnings 1,874,593 1,852,968
SHAREHOLDERS' FUNDS 1,874,693 1,853,068

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TMB Patterns Limited (Registered number: 01786258)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





M J Baker - Director


TMB Patterns Limited (Registered number: 01786258)

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

1. STATUTORY INFORMATION

TMB Patterns Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Summary of significant accounting policies
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.

Significant judgements and estimates
In the application of the company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

(i) Recoverability of assets

The company assumes all amounts owning from customers will be recovered in full. Where uncertainty exists as to the recovery a provision has been made for the anticipated unrecoverable amount.

(ii) Usability of stocks and work in progress

Where there is uncertainty over the usability of consumable stocks or the saleability of work in progress a provision is made to cover the estimated unrecoverable amount.

(iii) Useful economic life of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Revenue recognition
Revenue is measured at the fair value of consideration received or receivable for goods supplied net of returns, trade discounts, allowances, value added tax and other sales related taxes.

The company recognises revenue when (a) the significant risks and returns of ownership have been transferred to the buyer, (b) the company retains no continual involvement or control over its goods, (c) the amount of revenue can be reliably measured and (d) it is probably that future economic benefits will flow to the entity.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Computer software is being amortised evenly over its estimated useful life of three years.

TMB Patterns Limited (Registered number: 01786258)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Patents
Patents are to be amortised at a rate applicable to the expected useful life of the asset, but not exceeding 10 years.

Tangible fixed assets
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Leasehold Property- over the remaining lease period

Plant and machinery-including CNC equipment 10% on cost with no residual value;

CNC and other machines 85% of cost over 96 months with 15% residual
value
Fixtures and fittings - 10% on cost with no residual value
Motor Vehicles - 25% on cost with no residual value
Software- over 3 years with no residual value
Computers- over 5 years with no residual value

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

TMB Patterns Limited (Registered number: 01786258)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
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 in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 42 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and Computer
licences software Totals
£    £    £   
COST
At 1 April 2023 20,273 118,798 139,071
Additions - 12,711 12,711
At 31 March 2024 20,273 131,509 151,782
AMORTISATION
At 1 April 2023 20,273 82,304 102,577
Amortisation for year - 12,165 12,165
At 31 March 2024 20,273 94,469 114,742
NET BOOK VALUE
At 31 March 2024 - 37,040 37,040
At 31 March 2023 - 36,494 36,494

TMB Patterns Limited (Registered number: 01786258)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 150,389 5,017,552 40,329 40,026 5,248,296
Additions 5,228 94,962 - 30,145 130,335
Disposals - (13,986 ) - - (13,986 )
Transfer to ownership - (1 ) - - (1 )
At 31 March 2024 155,617 5,098,527 40,329 70,171 5,364,644
DEPRECIATION
At 1 April 2023 74,127 2,547,909 24,414 25,483 2,671,933
Charge for year 19,949 367,574 3,057 11,263 401,843
Eliminated on disposal - (13,772 ) - - (13,772 )
At 31 March 2024 94,076 2,901,711 27,471 36,746 3,060,004
NET BOOK VALUE
At 31 March 2024 61,541 2,196,816 12,858 33,425 2,304,640
At 31 March 2023 76,262 2,469,643 15,915 14,543 2,576,363

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 2,689,852 40,026 2,729,878
Additions - 30,145 30,145
Transfer to ownership (39,264 ) (40,026 ) (79,290 )
At 31 March 2024 2,650,588 30,145 2,680,733
DEPRECIATION
At 1 April 2023 818,603 25,483 844,086
Charge for year 321,151 11,263 332,414
Transfer to ownership (39,263 ) (35,490 ) (74,753 )
At 31 March 2024 1,100,491 1,256 1,101,747
NET BOOK VALUE
At 31 March 2024 1,550,097 28,889 1,578,986
At 31 March 2023 1,871,249 14,543 1,885,792

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 165
NET BOOK VALUE
At 31 March 2024 165
At 31 March 2023 165

TMB Patterns Limited (Registered number: 01786258)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 871,962 823,766
Other debtors 71,091 66,584
Corporation tax - 70,942
Prepayments and accrued income 90,182 90,004
1,033,235 1,051,296

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 65,200 65,200
Hire purchase contracts (see note 10) 209,146 233,169
Payments on account 99,322 72,474
Trade creditors 228,085 154,565
Social security and other taxes 52,122 46,936
VAT 42,455 59,723
Lloyds TSB Commercial Finance 252,679 249,842
Accruals and deferred income 103,043 95,642
Deferred government grants 7,189 7,189
1,059,241 984,740

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 65,200 65,200
Bank loans - 2-5 years 43,467 108,666
Hire purchase contracts (see note 10) 498,061 688,087
Deferred government grants 14,378 21,566
621,106 883,519

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 209,146 233,169
Between one and five years 498,061 688,087
707,207 921,256

Non-cancellable operating leases
2024 2023
£    £   
Within one year 103,700 93,500
Between one and five years 207,400 280,500
311,100 374,000

TMB Patterns Limited (Registered number: 01786258)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 173,867 239,066
Hire purchase contracts 707,207 921,256
Lloyds TSB Commercial Finance 277,431 249,842
1,158,505 1,410,164

Invoice financing provides working capital. Amounts due to Lloyds TSB Commercial Finance are secured by way of an all assets debenture dated 01.07.2010. The hire purchase liabilities are secured on the assets concerned.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Deferred tax 528,783 588,299
Deferred tax losses (264,420 ) (269,966 )
264,363 318,333

Deferred
tax
£   
Balance at 1 April 2023 318,333
Provided during year (53,970 )
Balance at 31 March 2024 264,363

TMB Patterns Limited (Registered number: 01786258)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. RELATED PARTY DISCLOSURES

B&M ASSOCIATES
A partnership in which Mr M J Baker is the controlling partner.

During the year, the following transactions took place:
20242023
£   £   
Management charges receivable9,15098,600
Amount due from B&M Associates-10,000



MARTIN J BAKER RETIREMENT BENEFITS SCHEME

A Pension scheme in which the director Mr M J Baker is the sole member.

The company paid rent of £103,700 (2023: £93,500) to the pension scheme in respect of property occupied by the company.



B&M PACKAGING SERVICES LIMITED
A company in which Mr M J Baker and Mr L Singleton are directors

Mr M J Baker is the controlling shareholder, owning 60% of the share capital, with his wife owning the remaining 40%.

During the year, the following transactions took place:
20242023
£   £   
Management charges receivable42,75048,000
Amount due from B&M Packaging services-23,183


A business relating to the director Mr M J Baker's son:

Loan in other debtors £Nil (2022 £29,666). This was repaid during the year.

14. ULTIMATE CONTROLLING PARTY

The controlling party is M J Baker.