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REGISTERED NUMBER: 08432450 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

TYS RETAIL LTD

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


TYS RETAIL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: T SIVARAJAH



REGISTERED OFFICE: 4 Church Street
Stilton
Peterborough
PE7 3RF



REGISTERED NUMBER: 08432450 (England and Wales)



SENIOR STATUTORY AUDITOR: Tracey Richardson Bsc (Hons) FCA



AUDITORS: Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The director presents his strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
The results for the year are as shown in the attached financial statements. The profit before tax is considered satisfactory given the competitive market in which the company operates, the current economic climate and the refurbishments undertaken across the company's stores.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a very competitive environment, and we continue to offer excellent customer service and in store experience combined with a diverse range of products at very competitive prices to counter this threat.

DEVELOPMENT AND PERFORMANCE
The competitive market is a continuing risk for the company that the company manages by utilising Key Performance Indicators

KEY PERFORMANCE INDICATORS
The main Key Performance Indicators used to monitor the performance of the business include:
Sales by branches and margins by product group
Overheads compared to prior year
Stock days

ON BEHALF OF THE BOARD:





T SIVARAJAH - Director


26 November 2024

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 29 FEBRUARY 2024

The director presents his report with the financial statements of the company for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of mini supermarket.

DIVIDENDS
No interim dividend was paid during the year. A final dividend of £150,000 per share was declared on 29 February 2024 and has been provided for in the accounts.

DIRECTOR
T SIVARAJAH held office during the whole of the period from 1 March 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T SIVARAJAH - Director


26 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TYS RETAIL LTD

Opinion
We have audited the financial statements of TYS Retail Ltd (the 'company') for the year ended 29 February 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 29 February 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's 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• 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
• we have not received all the information and explanations required for our audit; or
• certain disclosures of directors' remuneration specified by law are not made.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TYS RETAIL LTD


Responsibilities of director
As explained more fully in the directors' responsibilities statement, 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.

Auditors' 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed
procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
• Reviewing minutes of meetings of those charged with governance;
• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TYS RETAIL LTD


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.




Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ

Tracey Richardson Bsc (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services 27 November 2024


Chartered Accountants
Statutory Auditor

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

INCOME STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

TURNOVER 3 13,063,607 11,449,316

Cost of sales (10,208,090 ) (8,770,544 )
GROSS PROFIT 2,855,517 2,678,772

Administrative expenses (2,600,048 ) (2,276,385 )
255,469 402,387

Other operating income 4 196,573 207,705
OPERATING PROFIT 7 452,042 610,092

Interest receivable and similar income 6,782 181
458,824 610,273

Interest payable and similar expenses 8 (223,971 ) (275,888 )
PROFIT BEFORE TAXATION 234,853 334,385

Tax on profit 9 (65,767 ) (86,678 )
PROFIT FOR THE FINANCIAL YEAR 169,086 247,707

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 169,086 247,707


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

169,086

247,707

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 11 1,138,035 1,305,824

CURRENT ASSETS
Stocks 12 628,738 691,513
Debtors 13 1,298,761 1,350,918
Cash at bank and in hand 699,287 626,815
2,626,786 2,669,246
CREDITORS
Amounts falling due within one year 14 (1,253,236 ) (1,366,134 )
NET CURRENT ASSETS 1,373,550 1,303,112
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,511,585

2,608,936

CREDITORS
Amounts falling due after more than one year 15 (380,436 ) (319,867 )

PROVISIONS FOR LIABILITIES 18 (160,576 ) (187,582 )
NET ASSETS 1,970,573 2,101,487

CAPITAL AND RESERVES
Called up share capital 19 2 2
Retained earnings 20 1,970,571 2,101,485
SHAREHOLDERS' FUNDS 1,970,573 2,101,487

The financial statements were approved by the director and authorised for issue on 26 November 2024 and were signed by:





T SIVARAJAH - Director


TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 March 2022 2 2,123,778 2,123,780

Changes in equity
Dividends - (270,000 ) (270,000 )
Total comprehensive income - 247,707 247,707
Balance at 28 February 2023 2 2,101,485 2,101,487

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 169,086 169,086
Balance at 29 February 2024 2 1,970,571 1,970,573

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 795,823 1,260,872
Interest paid (23,778 ) (15,999 )
Interest element of hire purchase payments
paid

(200,193

)

(259,889

)
Tax paid (96,607 ) (69,449 )
Net cash from operating activities 475,245 915,535

Cash flows from investing activities
Purchase of tangible fixed assets (18,037 ) (583,859 )
Sale of tangible fixed assets - 1,258
Interest received 6,782 181
Net cash from investing activities (11,255 ) (582,420 )

Cash flows from financing activities
Amount introduced by directors - 2,844
Amount withdrawn by directors (91,518 ) (9,013 )
Equity dividends paid (300,000 ) (270,000 )
Net cash from financing activities (391,518 ) (276,169 )

Increase in cash and cash equivalents 72,472 56,946
Cash and cash equivalents at beginning of
year

2

626,815

569,869

Cash and cash equivalents at end of year 2 699,287 626,815

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 234,853 334,385
Depreciation charges 185,826 136,412
Finance costs 223,971 275,888
Finance income (6,782 ) (181 )
637,868 746,504
Decrease/(increase) in stocks 62,775 (240,913 )
Decrease/(increase) in trade and other debtors 104,852 (99,711 )
(Decrease)/increase in trade and other creditors (9,672 ) 854,992
Cash generated from operations 795,823 1,260,872

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 699,287 626,815
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 626,815 569,869


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank and in hand 626,815 72,472 699,287
626,815 72,472 699,287
Debt
Finance leases (65,100 ) (171,458 ) (236,558 )
Debts falling due within 1 year (98,023 ) 3,314 (94,709 )
Debts falling due after 1 year (297,967 ) 79,087 (218,880 )
(461,090 ) (89,057 ) (550,147 )
Total 165,725 (16,585 ) 149,140

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Tys Retail Ltd 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis. The director has considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making his assessment.

Significant judgements and estimates
In the course of preparing the financial statements, no judgements have been made in the process of applying accounting policies, other than those involving estimations that have had a significant effect on the amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance

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

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.

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.

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Presentational currency and rounding
These financial statements have been presented in pound sterling, with figures rounded to the nearest pound.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. OTHER OPERATING INCOME
2024 2023
£    £   
Commissions received 181,217 155,541
Insurance settlement 15,356 52,164
196,573 207,705

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,290,518 1,161,711
Social security costs 61,133 51,439
Other pension costs 18,592 24,303
1,370,243 1,237,453

The average number of employees during the year was as follows:
2024 2023

Director 1 1
Management 7 7
Retail 93 91
101 99

6. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Director's remuneration 12,000 12,000

Director's remuneration above was excluding benefits in kind of £1,910 in the 2023/24 tax year (2022/23 - £2,919) and pension contributions of £1,373 (2023 - £1,373).

7. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 185,826 136,412
Auditors' remuneration 8,500 8,500

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 23,778 15,999
Hire purchase 12,761 868
Leasing 187,432 259,021
223,971 275,888

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 56,793 -

Deferred tax:
Deferred tax liab. movement (27,006 ) 122,658
Deferred tax asset 35,980 (35,980 )
Total deferred tax 8,974 86,678
Tax on profit 65,767 86,678

10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Final 300,000 270,000

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 643,982 1,199,449 87,231 1,930,662
Additions - 18,037 - 18,037
At 29 February 2024 643,982 1,217,486 87,231 1,948,699
DEPRECIATION
At 1 March 2023 112,430 503,374 9,034 624,838
Charge for year 64,398 105,788 15,640 185,826
At 29 February 2024 176,828 609,162 24,674 810,664
NET BOOK VALUE
At 29 February 2024 467,154 608,324 62,557 1,138,035
At 28 February 2023 531,552 696,075 78,197 1,305,824

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

12. STOCKS
2024 2023
£    £   
Stocks 628,738 691,513

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,192,006 1,250,640
Deferred tax asset - 35,980
Directors' loan accounts 88,674 -
VAT - 48,277
Prepayments 18,081 16,021
1,298,761 1,350,918

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 94,709 98,023
Hire purchase contracts (see note 17) 75,002 43,200
Trade creditors 762,937 740,598
Tax 56,793 96,607
Social security and other taxes 11,752 11,152
VAT 30,596 -
Other creditors 151,304 185,166
Directors' loan accounts - 2,844
Accrued expenses 70,143 188,544
1,253,236 1,366,134

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) 218,880 297,967
Hire purchase contracts (see note 17) 161,556 21,900
380,436 319,867

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 94,709 98,023

Amounts falling due between two and five years:
Bank loans - 2-5 years 218,880 297,967

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 75,002 43,200
Between one and five years 161,556 21,900
236,558 65,100

Non-cancellable operating leases
2024 2023
£    £   
Within one year 184,197 164,472
Between one and five years 94,231 227,104
278,428 391,576

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 160,576 187,582

Deferred
tax
£   
Balance at 1 March 2023 187,582
Provided during year (27,006 )
Balance at 29 February 2024 160,576

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary 1 2 2

20. RESERVES
Retained
earnings
£   

At 1 March 2023 2,101,485
Profit for the year 169,086
Dividends (300,000 )
At 29 February 2024 1,970,571

TYS RETAIL LTD (REGISTERED NUMBER: 08432450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

21. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Debtors falling due within one year includes £88,674 owed by the director to the company. Beneficial loan interest of £955 has been charged on the loan and included therein.This balance was cleared by the declaration of a dividend on 31/08/2024.

22. RELATED PARTY DISCLOSURES

Other related parties

Other debtors include an amount of £1,089,745 (2023 - £1,104,945) owed by Tys Properties Limited (company number 11494899) of which company Mr. Sivarajah is the sole director and shareholder.