Tamworth Holdings Limited 13233431 false 2023-02-01 2024-01-31 2024-01-31 2024-01-31 The principal activity of the company is that of a holding company. Digita Accounts Production Advanced 6.30.9574.0 true true true false Class 1 Class 2 Class 3 false false true false false false false false false 13233431 2023-02-01 2024-01-31 13233431 2024-01-31 13233431 bus:Director1 bus:Consolidated 2024-01-31 13233431 bus:Director2 bus:Consolidated 2024-01-31 13233431 bus:Director4 bus:Consolidated 2024-01-31 13233431 bus:Director5 bus:Consolidated 2024-01-31 13233431 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares bus:Consolidated 2024-01-31 13233431 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares bus:Consolidated 2024-01-31 13233431 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares bus:Consolidated 2024-01-31 13233431 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares bus:Consolidated 2024-01-31 13233431 bus:Consolidated 2024-01-31 13233431 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-01-31 13233431 core:CapitalRedemptionReserve 2024-01-31 13233431 core:CapitalRedemptionReserve bus:Consolidated 2024-01-31 13233431 core:RetainedEarningsAccumulatedLosses 2024-01-31 13233431 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-01-31 13233431 core:ShareCapital 2024-01-31 13233431 core:ShareCapital bus:Consolidated 2024-01-31 13233431 core:SharePremium 2024-01-31 13233431 core:SharePremium bus:Consolidated 2024-01-31 13233431 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-01-31 13233431 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 13233431 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2024-01-31 13233431 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 13233431 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2024-01-31 13233431 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-01-31 13233431 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss bus:Consolidated 2024-01-31 13233431 core:CurrentFinancialInstruments 2024-01-31 13233431 core:CurrentFinancialInstruments bus:Consolidated 2024-01-31 13233431 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 13233431 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-01-31 13233431 core:CurrentFinancialInstruments core:Unsecured 2024-01-31 13233431 core:CurrentFinancialInstruments core:Unsecured bus:Consolidated 2024-01-31 13233431 core:Non-currentFinancialInstruments 2024-01-31 13233431 core:Non-currentFinancialInstruments bus:Consolidated 2024-01-31 13233431 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 13233431 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-01-31 13233431 core:Non-currentFinancialInstruments core:Unsecured 2024-01-31 13233431 core:Non-currentFinancialInstruments core:Unsecured bus:Consolidated 2024-01-31 13233431 core:FinancialLiabilitiesFairValueThroughProfitOrLoss 2024-01-31 13233431 core:FinancialLiabilitiesFairValueThroughProfitOrLoss bus:Consolidated 2024-01-31 13233431 core:Goodwill bus:Consolidated 2024-01-31 13233431 core:BetweenTwoFiveYears bus:Consolidated 2024-01-31 13233431 core:MoreThanFiveYears bus:Consolidated 2024-01-31 13233431 core:WithinOneYear bus:Consolidated 2024-01-31 13233431 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-01-31 13233431 core:LandBuildings bus:Consolidated 2024-01-31 13233431 core:MotorVehicles bus:Consolidated 2024-01-31 13233431 core:DeferredTaxation bus:Consolidated 2024-01-31 13233431 bus:FRS102 bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:Audited bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:FullAccounts bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:RegisteredOffice bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:Director1 bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:Director2 bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:Director4 2023-02-01 2024-01-31 13233431 bus:Director4 bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:Director5 bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:Consolidated 1 2023-02-01 2024-01-31 13233431 bus:Consolidated 3 2023-02-01 2024-01-31 13233431 bus:Consolidated 1 2023-02-01 2024-01-31 13233431 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:ConsolidatedGroupCompanyAccounts 2023-02-01 2024-01-31 13233431 core:CapitalRedemptionReserve 2023-02-01 2024-01-31 13233431 core:CapitalRedemptionReserve bus:Consolidated 2023-02-01 2024-01-31 13233431 core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 13233431 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-02-01 2024-01-31 13233431 core:ShareCapital 2023-02-01 2024-01-31 13233431 core:ShareCapital bus:Consolidated 2023-02-01 2024-01-31 13233431 core:SharePremium 2023-02-01 2024-01-31 13233431 core:SharePremium bus:Consolidated 2023-02-01 2024-01-31 13233431 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-02-01 2024-01-31 13233431 core:Goodwill bus:Consolidated 2023-02-01 2024-01-31 13233431 core:ReportableOperatingSegment1 bus:Consolidated 2023-02-01 2024-01-31 13233431 core:ReportableOperatingSegment2 bus:Consolidated 2023-02-01 2024-01-31 13233431 core:ReportableOperatingSegment3 bus:Consolidated 2023-02-01 2024-01-31 13233431 core:Buildings bus:Consolidated 2023-02-01 2024-01-31 13233431 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-02-01 2024-01-31 13233431 core:LandBuildings bus:Consolidated 2023-02-01 2024-01-31 13233431 core:MotorVehicles bus:Consolidated 2023-02-01 2024-01-31 13233431 core:DeferredTaxation bus:Consolidated 2023-02-01 2024-01-31 13233431 core:Subsidiary1 bus:Consolidated 2023-02-01 2024-01-31 13233431 core:Subsidiary1 bus:Consolidated 1 2023-02-01 2024-01-31 13233431 core:Subsidiary1 countries:AllCountries bus:Consolidated 2023-02-01 2024-01-31 13233431 core:Subsidiary2 bus:Consolidated 2023-02-01 2024-01-31 13233431 core:Subsidiary2 bus:Consolidated 1 2023-02-01 2024-01-31 13233431 core:Subsidiary2 countries:AllCountries bus:Consolidated 2023-02-01 2024-01-31 13233431 core:Subsidiary3 bus:Consolidated 2023-02-01 2024-01-31 13233431 core:Subsidiary3 bus:Consolidated 1 2023-02-01 2024-01-31 13233431 core:Subsidiary3 countries:AllCountries bus:Consolidated 2023-02-01 2024-01-31 13233431 core:UKTax bus:Consolidated 2023-02-01 2024-01-31 13233431 countries:EnglandWales bus:Consolidated 2023-02-01 2024-01-31 13233431 bus:Consolidated 2023-01-31 13233431 bus:Consolidated core:PreviouslyStatedAmount 2023-01-31 13233431 core:CapitalRedemptionReserve bus:Consolidated core:PreviouslyStatedAmount 2023-01-31 13233431 core:CapitalRedemptionReserve core:PreviouslyStatedAmount 2023-01-31 13233431 core:RetainedEarningsAccumulatedLosses bus:Consolidated core:PreviouslyStatedAmount 2023-01-31 13233431 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2023-01-31 13233431 core:ShareCapital bus:Consolidated core:PreviouslyStatedAmount 2023-01-31 13233431 core:ShareCapital core:PreviouslyStatedAmount 2023-01-31 13233431 core:SharePremium bus:Consolidated core:PreviouslyStatedAmount 2023-01-31 13233431 core:SharePremium core:PreviouslyStatedAmount 2023-01-31 13233431 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated core:PreviouslyStatedAmount 2023-01-31 13233431 core:Goodwill bus:Consolidated 2023-01-31 13233431 core:CostValuation 2023-01-31 13233431 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-01-31 13233431 core:LandBuildings bus:Consolidated 2023-01-31 13233431 core:MotorVehicles bus:Consolidated 2023-01-31 13233431 core:DeferredTaxation bus:Consolidated 2023-01-31 13233431 core:PreviouslyStatedAmount 2023-01-31 13233431 2022-02-01 2023-01-31 13233431 2023-01-31 13233431 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares bus:Consolidated 2023-01-31 13233431 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares bus:Consolidated 2023-01-31 13233431 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares bus:Consolidated 2023-01-31 13233431 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares bus:Consolidated 2023-01-31 13233431 bus:Consolidated 2023-01-31 13233431 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-01-31 13233431 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 13233431 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2023-01-31 13233431 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 13233431 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2023-01-31 13233431 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-31 13233431 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss bus:Consolidated 2023-01-31 13233431 core:CurrentFinancialInstruments 2023-01-31 13233431 core:CurrentFinancialInstruments bus:Consolidated 2023-01-31 13233431 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 13233431 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-01-31 13233431 core:CurrentFinancialInstruments core:Unsecured 2023-01-31 13233431 core:CurrentFinancialInstruments core:Unsecured bus:Consolidated 2023-01-31 13233431 core:Non-currentFinancialInstruments 2023-01-31 13233431 core:Non-currentFinancialInstruments bus:Consolidated 2023-01-31 13233431 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 13233431 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-01-31 13233431 core:Non-currentFinancialInstruments core:Unsecured 2023-01-31 13233431 core:Non-currentFinancialInstruments core:Unsecured bus:Consolidated 2023-01-31 13233431 core:FinancialLiabilitiesFairValueThroughProfitOrLoss 2023-01-31 13233431 core:FinancialLiabilitiesFairValueThroughProfitOrLoss bus:Consolidated 2023-01-31 13233431 core:Goodwill bus:Consolidated 2023-01-31 13233431 core:BetweenTwoFiveYears bus:Consolidated 2023-01-31 13233431 core:MoreThanFiveYears bus:Consolidated 2023-01-31 13233431 core:WithinOneYear bus:Consolidated 2023-01-31 13233431 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-01-31 13233431 core:LandBuildings bus:Consolidated 2023-01-31 13233431 core:MotorVehicles bus:Consolidated 2023-01-31 13233431 bus:Consolidated 2022-02-01 2023-01-31 13233431 bus:Consolidated 1 2022-02-01 2023-01-31 13233431 bus:Consolidated 3 2022-02-01 2023-01-31 13233431 core:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 13233431 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-02-01 2023-01-31 13233431 core:ShareCapital 2022-02-01 2023-01-31 13233431 core:ShareCapital bus:Consolidated 2022-02-01 2023-01-31 13233431 core:SharePremium 2022-02-01 2023-01-31 13233431 core:SharePremium bus:Consolidated 2022-02-01 2023-01-31 13233431 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-02-01 2023-01-31 13233431 core:ReportableOperatingSegment1 bus:Consolidated 2022-02-01 2023-01-31 13233431 core:Subsidiary1 bus:Consolidated 1 2022-02-01 2023-01-31 13233431 core:Subsidiary2 bus:Consolidated 1 2022-02-01 2023-01-31 13233431 core:Subsidiary3 bus:Consolidated 1 2022-02-01 2023-01-31 13233431 core:UKTax bus:Consolidated 2022-02-01 2023-01-31 13233431 bus:Consolidated 2022-01-31 13233431 bus:Consolidated core:PreviouslyStatedAmount 2022-01-31 13233431 core:RetainedEarningsAccumulatedLosses bus:Consolidated core:PreviouslyStatedAmount 2022-01-31 13233431 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2022-01-31 13233431 core:ShareCapital bus:Consolidated core:PreviouslyStatedAmount 2022-01-31 13233431 core:ShareCapital core:PreviouslyStatedAmount 2022-01-31 13233431 core:SharePremium bus:Consolidated core:PreviouslyStatedAmount 2022-01-31 13233431 core:SharePremium core:PreviouslyStatedAmount 2022-01-31 13233431 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated core:PreviouslyStatedAmount 2022-01-31 13233431 core:PreviouslyStatedAmount 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13233431

Tamworth Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 January 2024

 

Tamworth Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 32

 

Tamworth Holdings Limited

Company Information

Directors

P Vousden

P McConnell

Registered office

Unit 10 & 11
Pipers Lane Industrial Estate
Pipers Lane
Thatcham
RG19 4NA

Auditors

UHY Ross Brooke
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

 

Tamworth Holdings Limited

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 group is that of a holding company.

Fair review of the business

Both Stacatruc Limited and Knightbridge Mechanical Handling Limited are sister companies which are involved in the supply, maintenance, hire and repair of material handling equipment to a wide range of customers.

The year ending January 2024 saw a strong performance for the business, with turnover growing 21% and EBITDA rising 26%, maintaining EBITDA margins of 14%. All revenue lines grew during the period, most notably the sale of equipment.

The Group made the acquisition of Waveney Fork Trucks Limited during the year and Blandford Fork Trucks Limited after the year end. Both have strengthened the position of the Group and added geographical coverage.

We have continued to increase stock held by the business, and have grown our dealer network ,both of which have contributed to the performance. The business continues to invest in its stock and employees to hit its growth targets.

The Business has entered into an MBO in after the end of the financial year,moving from Merino Private Equity to YFM Equity partners as majority shareholders. This has given the business a strong platform for growth in the future.

Sustaining an optimal level of engineering resource remains a key management challenge, which we have addressed successfully. During the year, the business reached an all-time high for field service engineers and continues to invest in its staff.

 

Tamworth Holdings Limited

Strategic Report for the Year Ended 31 January 2024

Principal risks and uncertainties

The principal risks and uncertainties faced by the group include the following:

The UK Economy, change in Government– the business experienced lower levels of inflation compared to prior periods. However, there remains a level of uncertainty in the marketplace, to which our hire and used equipment range both address in respect of those customers who are cautious about longer term capital commitments.

Supply chain – the group relies on 10 – 15 key suppliers which operate globally. Lead times and supply improved in the year, mitigated also by higher stock holdings within the business., Supply chain risk is mitigated by the fact that the business has a diverse supplier base alongside the fact that the business also deals in used material handling equipment and boasts strong hire and service revenue streams.

Liquidity risk – the company is funded in part by facilities provided by a third party, Arbuthnot Asset Finance. The company manages and oversees cash flow forecasts regularly ensure it has sufficient funds to meet its obligations, whilst also ensuring compliance with the covenants given to its 3rd party financier.

Although the business uses a number of detailed operational KPIs to track its progress throughout its departments the directors believe the addition of these KPIs is not necessary for understanding the development or position of the business.

Directors have assessed the going concern based on the financial resources detailed and the Budget and future and are confident that the Company is a going concern and is likely to remain so for the foreseeable future.

Approved and authorised by the Board on 7 January 2025 and signed on its behalf by:
 

.........................................
P Vousden
Director

.........................................
P Vousden
Director

 

Tamworth Holdings Limited

Directors' Report for the Year Ended 31 January 2024

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

Directors of the group

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

M E Colley (ceased 27 August 2024)

B Reavley (ceased 27 August 2024)

The following directors were appointed after the year end:

P Vousden (appointed 27 August 2024)

P McConnell (appointed 27 August 2024)

Financial instruments

Disclosure of information to the auditor

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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 7 January 2025 and signed on its behalf by:
 

.........................................
P Vousden
Director

.........................................
P Vousden
Director

 

Tamworth Holdings Limited

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 group and the company and of the profit or loss of the group 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 UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Tamworth Holdings Limited

Independent Auditor's Report to the Members of Tamworth Holdings Limited

Opinion

We have audited the financial statements of Tamworth Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 January 2024 and of the group's 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 group 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 group'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.

 

Tamworth Holdings Limited

Independent Auditor's Report to the Members of Tamworth Holdings Limited

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.

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

the parent company 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 5], 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:

 

Tamworth Holdings Limited

Independent Auditor's Report to the Members of Tamworth Holdings Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. As such, we have considered:

the nature of the industry and sector, control environment and business performance including the company's
remuneration policy, bonus levels, and performance targets;
the company's own assessment, including assessments made by key management, of the risks that
irregularities may occur either as a result of fraud or error;
any matters we identified having reviewed the company's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed amongst the audit engagement team.

As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the areas in which management is
required to exercise significant judgement, such as the disclosure of adjusting items. In common with all
audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of
management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this
context were the Companies Act, tax legislation and regulations concerning importing and exporting to and
from the UK.

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.

......................................
Emily Ness FCA (Senior Statutory Auditor)
For and on behalf of UHY Ross Brooke, Statutory Auditor

2 Old Bath Road
Newbury
Berkshire
RG14 1QL

7 January 2025

 

Tamworth Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 January 2024

Note

2024
£

(As restated)

2023
£

Turnover

3

20,952,040

17,361,177

Cost of sales

 

(14,942,928)

(12,101,439)

Gross profit

 

6,009,112

5,259,738

Administrative expenses

 

(3,996,947)

(3,508,064)

Operating profit

4

2,012,165

1,751,674

Interest payable and similar expenses

5

(404,274)

(343,257)

Profit before tax

 

1,607,891

1,408,417

Tax on profit

9

(403,445)

(804,895)

Profit for the financial year

 

1,204,446

603,522

Profit/(loss) attributable to:

 

Owners of the company

 

1,204,446

603,522

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

 

Tamworth Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 January 2024

2024
£

(As restated)

2023
£

Profit for the year

1,204,446

603,522

Total comprehensive income for the year

1,204,446

603,522

Total comprehensive income attributable to:

Owners of the company

1,204,446

603,522

 

Tamworth Holdings Limited

(Registration number: 13233431)
Consolidated Balance Sheet as at 31 January 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

10

864,663

738,166

Tangible assets

11

5,105,439

4,449,740

 

5,970,102

5,187,906

Current assets

 

Stocks

13

2,801,864

3,033,706

Debtors

14

3,185,524

3,665,744

Cash at bank and in hand

 

295,577

390,545

 

6,282,965

7,089,995

Creditors: Amounts falling due within one year

16

(9,170,681)

(7,976,892)

Net current liabilities

 

(2,887,716)

(886,897)

Total assets less current liabilities

 

3,082,386

4,301,009

Creditors: Amounts falling due after more than one year

16

(708,735)

(3,053,892)

Provisions for liabilities

17

(666,537)

(717,711)

Net assets

 

1,707,114

529,406

Capital and reserves

 

Called up share capital

19

1,053

1,053

Share premium reserve

64,779

4,948

Capital redemption reserve

97

-

Retained earnings

1,641,185

523,405

Equity attributable to owners of the company

 

1,707,114

529,406

Shareholders' funds

 

1,707,114

529,406

Approved and authorised by the Board on 7 January 2025 and signed on its behalf by:
 

.........................................
P Vousden
Director

.........................................
P Vousden
Director

 

Tamworth Holdings Limited

(Registration number: 13233431)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

12

4,746,291

4,746,291

Current assets

 

Debtors

14

750,000

750,000

Creditors: Amounts falling due within one year

16

(4,961,537)

(4,195,627)

Net current liabilities

 

(4,211,537)

(3,445,627)

Total assets less current liabilities

 

534,754

1,300,664

Creditors: Amounts falling due after more than one year

16

-

(845,718)

Net assets

 

534,754

454,946

Capital and reserves

 

Called up share capital

19

1,053

1,053

Share premium reserve

64,779

4,948

Capital redemption reserve

97

-

Retained earnings

468,825

448,945

Shareholders' funds

 

534,754

454,946

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company made a profit after tax for the financial year of £106,546 (2023 - profit of £479,763).

Approved and authorised by the Board on 7 January 2025 and signed on its behalf by:
 

.........................................
P Vousden
Director

.........................................
P Vousden
Director

 

Tamworth Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 January 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Total equity
£

At 1 February 2022

1,001

-

(80,117)

(79,116)

(79,116)

Profit for the year

-

-

603,522

603,522

603,522

New share capital subscribed

52

4,948

-

5,000

5,000

At 31 January 2023

1,053

4,948

523,405

529,406

529,406

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

Total equity
£

At 1 February 2023

1,053

4,948

-

523,405

529,406

529,406

Profit for the year

-

-

-

1,204,446

1,204,446

1,204,446

New share capital subscribed

-

59,831

-

-

59,831

59,831

Purchase of own share capital

-

-

-

(86,666)

(86,666)

(86,666)

Other capital redemption reserve movements

-

-

97

-

97

97

At 31 January 2024

1,053

64,779

97

1,641,185

1,707,114

1,707,114

 

Tamworth Holdings Limited

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

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 February 2022

1,001

-

(30,818)

(29,817)

Profit for the year

-

-

479,763

479,763

New share capital subscribed

52

4,948

-

5,000

At 31 January 2023

1,053

4,948

448,945

454,946

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

At 1 February 2023

1,053

4,948

-

448,945

Profit for the year

-

-

-

106,546

New share capital subscribed

-

59,831

-

-

Purchase of own share capital

-

-

-

(86,666)

Other capital redemption reserve movements

-

-

97

-

At 31 January 2024

1,053

64,779

97

468,825

Total
£

At 1 February 2023

454,946

Profit for the year

106,546

New share capital subscribed

59,831

Purchase of own share capital

(86,666)

Other capital redemption reserve movements

97

At 31 January 2024

534,754

 

Tamworth Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 January 2024

Note

2024
£

(As restated)

2023
£

Cash flows from operating activities

Profit for the year

 

1,204,446

603,522

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

1,016,029

645,829

Loss/(profit) on disposal of tangible assets

1,876

(24,266)

Finance costs

404,274

343,256

Income tax expense

9

403,445

804,895

Foreign exchange gains/losses

 

18,793

-

 

3,048,863

2,373,236

Working capital adjustments

 

Decrease in stocks

13

1,722,198

241,673

Increase in trade debtors

14

(3,961,040)

(1,187,719)

(Decrease)/increase in trade creditors

16

(1,844,573)

2,809,480

Cash generated from operations

 

(1,034,552)

4,236,670

Income taxes paid

9

(81,135)

-

Net cash flow from operating activities

 

(1,115,687)

4,236,670

Cash flows from investing activities

 

Acquisition of subsidiaries

12

-

(1,510,734)

Acquisitions of tangible assets

(3,141,473)

(3,588,270)

Proceeds from sale of tangible assets

 

64,328

59,174

Acquisition of intangible assets

10

(99,801)

(7,000)

Net cash flows from investing activities

 

(3,176,946)

(5,046,830)

Cash flows from financing activities

 

Interest paid

(395,657)

(295,302)

Proceeds from issue of ordinary shares, net of issue costs

 

59,928

5,000

Payments for purchase of own shares

 

(86,666)

-

Proceeds from bank borrowing draw downs

 

5,540,180

2,268,853

Repayment of bank borrowing

 

(683,572)

(1,090,080)

Repayment of other borrowing

 

(58,200)

-

Payments to finance lease creditors

 

(178,348)

-

Net cash flows from financing activities

 

4,197,665

888,471

Net (decrease)/increase in cash and cash equivalents

 

(94,968)

78,311

Cash and cash equivalents at 1 February

 

390,545

312,234

Cash and cash equivalents at 31 January

 

295,577

390,545

 

Tamworth Holdings Limited

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 and Wales.

The address of its registered office is:
Unit 10 & 11
Pipers Lane Industrial Estate
Pipers Lane
Thatcham
RG19 4NA
United Kingdom

These financial statements were authorised for issue by the Board on 7 January 2025.

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'.

The company has taken the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

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.

 

Tamworth Holdings Limited

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 January 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis. Directors have assessed going concern based on forecasted financial resources and performance, which indicates the group to be operational for the foreseeable future.

 

Tamworth Holdings Limited

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

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgement and accounting estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows.

Impairment of non-financial assets - At each balance sheet date non-financial assets not carried at fair value are assessment to determine whether there is any indication that the assets are impaired. If there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. .

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Tamworth Holdings Limited

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

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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.

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

Leasehold land and buildings

25% reducing balance

Furniture, Fittings and Equipment

20-50% straight line / 8-30% reducing balance

Motor Vehicles

20-25% straight line / 25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line

 

Tamworth Holdings Limited

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

Investments

Investments in subsidiaries are measured at cost less impairment. Investments in subsidiaries are assessed at the end of each reporting period for evidence of impairment. If evidence of impairment is identified, an impairment loss is recognised in the Statement of comprehensive income.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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 group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Tamworth Holdings Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities llike trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.


3

Turnover

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

2024
£

(As restated)

2023
£

Sale of goods

8,547,031

9,704,432

Rendering of services

12,405,009

7,656,745

20,952,040

17,361,177

The analysis of the group's Turnover for the year by market is as follows:

2024
£

(As restated)

2023
£

UK

20,952,040

17,361,177

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

929,214

578,373

Amortisation expense

86,815

67,455

Loss/(profit) on disposal of property, plant and equipment

1,876

(24,266)

 

Tamworth Holdings Limited

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

5

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

222,586

80,223

Interest on obligations under finance leases and hire purchase contracts

16,210

103,969

Interest expense on other finance liabilities

184,271

159,065

Foreign exchange losses

(18,793)

-

404,274

343,257

6

Staff costs

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

2024
£

2023
£

Wages and salaries

3,392,680

3,042,200

Social security costs

372,033

342,762

Other short-term employee benefits

44,921

29,520

Pension costs, defined contribution scheme

118,551

88,643

Other employee expense

89,287

66,974

4,017,472

3,570,099

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

2024
No.

2023
No.

Administration and support

48

43

Sales

9

6

Other departments

33

29

90

78

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

70,315

160,211

Contributions paid to money purchase schemes

27,909

4,137

98,224

164,348

 

Tamworth Holdings Limited

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

8

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

26,755

20,050

Other fees to auditors

All other non-audit services

1,925

6,900


 

9

Taxation

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

2024
£

(As restated)

2023
£

Current taxation

UK corporation tax

454,619

446,603

Deferred taxation

Arising from origination and reversal of timing differences

(51,174)

358,292

Tax expense in the income statement

403,445

804,895

The tax on profit before tax for the year is lower than 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
£

(As restated)

2023
£

Profit before tax

1,607,891

1,408,417

Corporation tax at standard rate

401,973

267,599

Tax decrease from effect of capital allowances and depreciation

(182,314)

(81,840)

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

(51,174)

358,292

Effect of expense not deductible in determining taxable profit (tax loss)

257,214

251,579

Effect of tax losses

1,331

5,420

Tax decrease arising from group relief

(13,557)

-

Tax decrease from transfer pricing adjustments

(2,542)

-

Double taxation relief

(7,486)

-

Increase in UK and foreign current tax from unrecognised tax loss or credit

-

3,845

Total tax charge

403,445

804,895

Deferred tax

 

Tamworth Holdings Limited

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

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

666,537

-

666,537

2023

Asset
£

Liability
£

Accelerated capital allowances

-

717,711

-

717,711

At the year end date, the company did not have any deferred tax.

10

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

879,083

879,083

Additions acquired separately

213,312

213,312

At 31 January 2024

1,092,395

1,092,395

Amortisation

At 1 February 2023

140,917

140,917

Amortisation charge

86,815

86,815

At 31 January 2024

227,732

227,732

Carrying amount

At 31 January 2024

864,663

864,663

At 31 January 2023

738,166

738,166

At the year end date, the Company did not hold any intangible assets.

 

Tamworth Holdings Limited

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

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

72,957

4,442,988

1,111,693

5,627,638

Additions

38,616

2,914,048

188,809

3,141,473

Disposals

-

(1,708,979)

(281,661)

(1,990,640)

At 31 January 2024

111,573

5,648,057

1,018,841

6,778,471

Depreciation

At 1 February 2023

59,326

691,666

426,906

1,177,898

Charge for the year

10,482

783,441

135,291

929,214

Eliminated on disposal

-

(280,623)

(153,457)

(434,080)

At 31 January 2024

69,808

1,194,484

408,740

1,673,032

Carrying amount

At 31 January 2024

41,765

4,453,573

610,101

5,105,439

At 31 January 2023

13,631

3,751,322

684,787

4,449,740

At the year end date, the Company did not hold any tangible assets.

 

Tamworth Holdings Limited

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

12

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Knightsbridge Mechanical Handling Limited*

Unit 10,
Pipers Lane Industrial Estate,
Thatcham,
Berkshire,
RG19 4NA

Ordinary

100%

100%

United Kingdom

Stacatruc Holdings Limited*

Unit 10,
Pipers Lane Industrial Estate,
Thatcham,
Berkshire,
RG19 4NA

Ordinary

100%

100%

United Kingdom

Stacatruc Limited

Unit 10,
Pipers Lane Industrial Estate,
Thatcham,
Berkshire,
RG19 4NA

Ordinary

100%

100%

United Kingdom

* indicates direct investment of the company

Subsidiary undertakings

Knightsbridge Mechanical Handling Limited

The principal activity of Knightsbridge Mechanical Handling Limited is that of the rental and leasing of machinery equipment and other tangible goods not classified elsewhere.

Stacatruc Holdings Limited

The principal activity of Stacatruc Holdings Limited is that of a holding company.

Stacatruc Limited

The principal activity of Stacatruc Limited is the supply, maintenance, hire and repair of material handling.

Company

2024
£

2023
£

Investments in subsidiaries

4,746,291

4,746,291

 

Tamworth Holdings Limited

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

Subsidiaries

£

Cost or valuation

At 1 February 2023

4,746,291

Provision

Carrying amount

At 31 January 2024

4,746,291

At 31 January 2023

4,746,291

13

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Work in progress

74,187

154,187

-

-

Other inventories

2,727,677

2,879,519

-

-

2,801,864

3,033,706

-

-

14

Debtors

   

Group

Company

Current

Note

2024
£

(As restated)

2023
£

2024
£

2023
£

Trade debtors

 

2,692,565

3,041,394

-

-

Amounts owed by related parties

-

-

750,000

750,000

Other debtors

 

22,897

170,489

-

-

Prepayments

 

392,401

350,109

-

-

Accrued income

 

77,661

103,752

-

-

   

3,185,524

3,665,744

750,000

750,000

The amounts owed by related parties on the company balance sheet are unsecure, interest free and repayable on demand. However, the company does not intend to recall the amounts owed in the next 18 months.

15

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

190

628

-

-

Cash at bank

295,387

389,917

-

-

295,577

390,545

-

-

 

Tamworth Holdings Limited

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

16

Creditors

   

Group

Company

Note

2024
£

(As restated)

2023
£

2024
£

Restated
2023
£

Due within one year

 

Loans and borrowings

20

3,618,295

1,257,059

648,603

-

Trade creditors

 

2,627,771

3,722,650

7,200

7,200

Amounts due to related parties

-

-

4,138,733

3,821,269

Social security and other taxes

 

829,635

533,137

-

8

Outstanding defined contribution pension costs

 

17,403

15,141

-

-

Other payables

 

233,307

385,396

167,000

358,000

Accruals

 

1,030,934

1,623,657

1

9,150

Income tax liability

9

813,336

439,852

-

-

 

9,170,681

7,976,892

4,961,537

4,195,627

Due after one year

 

Loans and borrowings

20

708,735

2,886,892

-

678,718

Other non-current financial liabilities

 

-

167,000

-

167,000

 

708,735

3,053,892

-

845,718

A restatement was made to the comparative information in the company to reflect the correct ageing of the loans and borrowings.

17

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 February 2023

717,711

717,711

Increase (decrease) in existing provisions

(51,174)

(51,174)

At 31 January 2024

666,537

666,537

 

Tamworth Holdings Limited

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

18

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £118,551 (2023 - £88,643).

Contributions totalling £17,403 (2023 - £15,141) were payable to the scheme at the end of the year and are included in creditors.

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

756

756

723

723

Ordinary A of £1 each

78

78

78

78

Ordinary B of £1 each

103

103

200

200

Ordinary C of £1 each

116

116

52

52

1,053

1,053

1,053

1,053

20

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Hire purchase contracts

139,683

204,803

-

-

Unsecured debentures

541,800

-

541,800

-

Other borrowings

2,936,812

1,052,256

106,803

-

3,618,295

1,257,059

648,603

-

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

35,711

148,939

-

-

Loan notes

-

600,000

-

600,000

Other borrowings

673,024

2,137,953

-

78,718

708,735

2,886,892

-

678,718

 

Tamworth Holdings Limited

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

The company holds loan notes. Loan notes are interest bearing at 8.00% and repayable April 2028. However, the loan notes were settled on 27 August 2024 as a result of the acquisition.

Included in other payables is an asset lending agreement. This was entered into by the group on 11 June 2021, the terms were amended on 19 August 2022. Tamworth Holdings Limited and Stacatruc Holdings Limited are named as Obligators on this loan. The Facilities are held by Stacatruc Limited and Knightsbridge Mechanical Handling Limited.

The facilities in place are as follows:

• A Receivables Finance Facility #1 at a 2.45% discount margin, repayable no earlier than August 2025.
• A Receivables Finance Facility #2 at a 2.45% discount margin, repayable no earlier than August 2025
• P&M Loan Facility #1, interest bearing at 3.85% plus base rate and repayable over 4 years on a monthly basis, repayable June 2025.
• P&M Loan Facility #2, interest bearing at 3.85% plus base rate and repayable over 5 years on a monthly basis, repayable August 2027.
• Loan Facility, interest bearing at 5.85% plus base rate payable over 5 years on a monthly basis, repayable June 2026.
• CBILs Loan Facility, interest bearing at 4.99% plus base rate, repayable over 5 years on a monthly basis, repayable June 2027.
• A P&M Revolving Credit Facility, interest bearing at 5% plus base rate, repayable August 2025.

 

 

Tamworth Holdings Limited

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

21

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

144,288

144,288

Later than one year and not later than five years

423,004

461,004

Later than five years

117,936

224,224

685,228

829,516

The amount of non-cancellable operating lease payments recognised as an expense during the year was £144,288 (2023 - £130,857).

22

Analysis of changes in net debt

Group

At 1 February 2023
£

Cash flows
£

Other non-cash changes
£

At 31 January 2024
£

Cash and cash equivalents

Cash

390,545

(94,968)

-

295,577

Borrowings

Long term borrowings

(2,886,892)

2,601,899

(423,742)

(708,735)

Short term borrowings

(1,257,059)

(2,361,236)

-

(3,618,295)

(4,143,951)

240,663

(423,742)

(4,327,030)

 

(3,753,406)

145,695

(423,742)

(4,031,453)

23

Financial instruments

Group

Categorisation of financial instruments

2024
 £

(As restated)
2023
 £

Financial assets measured at amortised cost

3,088,700

3,706,180

Financial liabilities measured at amortised cost

(7,933,340)

(9,423,633)

 

Tamworth Holdings Limited

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

Company

Categorisation of financial instruments

2024
 £

2023
 £

Financial liabilities measured at amortised cost

(4,961,537)

(5,041,337)

Financial asset measured at amortised cost

750,000

750,000

24

Non adjusting events after the financial period

Tamworth Holdings Limited was acquired by Shoo 677 Limited on 27 August 2024. From this date, the ultimate parent entity and controlling party is YFM Equity Partners LLP, incorporated in England and Wales.