Company registration number 10886676 (England and Wales)
Tidysite (Holdings) Limited
Unaudited financial statements
For the year ended 31 March 2024
Tidysite (Holdings) Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
Tidysite (Holdings) Limited
Statement of financial position
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
750,000
750,000
Investments
4
8
8
750,008
750,008
Current assets
Debtors
5
241,315
175,784
Cash at bank and in hand
7,474
7,485
248,789
183,269
Creditors: amounts falling due within one year
6
(19,573)
(14,441)
Net current assets
229,216
168,828
Total assets less current liabilities
979,224
918,836
Provisions for liabilities
(116,280)
(116,280)
Net assets
862,944
802,556
Capital and reserves
Called up share capital
8
8
Non-distributable profits reserve
7
386,509
386,509
Distributable profit and loss reserves
476,427
416,039
Total equity
862,944
802,556
Tidysite (Holdings) Limited
Statement of financial position (continued)
As at 31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 27 November 2024
Mr A J Hampton
Director
Company registration number 10886676 (England and Wales)
Tidysite (Holdings) Limited
Statement of changes in equity
For the year ended 31 March 2024
- 3 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
8
386,509
363,690
750,207
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
52,349
52,349
Balance at 31 March 2023
8
386,509
416,039
802,556
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
60,388
60,388
Balance at 31 March 2024
8
386,509
476,427
862,944
Tidysite (Holdings) Limited
Notes to the financial statements
For the year ended 31 March 2024
- 4 -
1
Accounting policies
Company information
Tidysite (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hamptons Way, Hamptons Industrial Estate, Newcastle Under Lyme, Staffordshire, ST5 9JQ.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
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.
Rental income from an operating lease is recognised on a straight-line basis over the life of the lease even if payments are not made on that basis.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Tidysite (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
1.7
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.
Tidysite (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 6 -
1.8
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
750,000
Investment property comprises of a freehold property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors. The directors deem this to be the reasonable estimated price in the current market at the year end date.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
8
8
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
56
812
Amounts owed by group undertakings
235,863
169,576
Other debtors
5,396
5,396
241,315
175,784
Tidysite (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
77
2,479
Other creditors
19,496
11,962
19,573
14,441
7
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
386,509
386,509