REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
R. TINCKNELL & SON LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
R. TINCKNELL & SON LIMITED |
R. TINCKNELL & SON LIMITED (REGISTERED NUMBER: 00452971) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
R. TINCKNELL & SON LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Dean House |
94 Whiteladies Road |
Clifton |
Bristol |
BS8 2QX |
R. TINCKNELL & SON LIMITED (REGISTERED NUMBER: 00452971) |
BALANCE SHEET |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
R. TINCKNELL & SON LIMITED (REGISTERED NUMBER: 00452971) |
BALANCE SHEET - continued |
30 APRIL 2024 |
The financial statements were approved and authorised by the Board of Directors and authorised for issue on |
R. TINCKNELL & SON LIMITED (REGISTERED NUMBER: 00452971) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
R. Tincknell & Son Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company meets its day-to-day working capital requirements using short term loans from a related company, Tincknell Fuels Limited. The directors, having considered profitability and working capital requirements, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
At the year end one of the company's bank loans amounting to £4,000,000 was due for repayment within one year of the balance sheet date. The loan was renewed after the year end. |
For the reasons set out above, a going concern basis of accounting in preparing the annual financial statements continues to be adopted. |
Turnover |
Turnover represents the value of retail sales, land and property sales, and gross rents receivable, all exclusive of value added tax. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Freehold Property |
Freehold property held at 1 May 2015 (date of transition to FRS102) is included in the accounts at fair value measured at 1 May 2015 and used as deemed cost going forward. |
Investment Property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that the policy of not providing depreciation is necessary in order for the accounts to give a true and fair view, since the current value of investments properties, and changes to that current value, are of prime importance rather than a calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
R. TINCKNELL & SON LIMITED (REGISTERED NUMBER: 00452971) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress is stated at the lower of cost and net realisable value. Stocks of finished goods for resale are included at average cost. |
Financial instruments |
Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
R. TINCKNELL & SON LIMITED (REGISTERED NUMBER: 00452971) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The freehold property held at the date of transition to FRS102 on 1 May 2015 was measured at fair value of £2,042,219. The company has elected to use this figure as the deemed cost from 1 May 2015. |
If the property had not been revalued at 1 May 2015, the cost and accumulated depreciation at the year end would be as follows: |
£ |
Cost | 1,404,460 |
Accumulated depreciation | (151,660 | ) |
Total | 1,252,800 |
R. TINCKNELL & SON LIMITED (REGISTERED NUMBER: 00452971) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 May 2023 |
Disposals | ( |
) |
Transfer to ownership | (80,311 | ) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to ownership | (25,400 | ) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | FIXED ASSET INVESTMENTS |
The company owns all of the issued ordinary share capital of R Tincknell Limited and Tincknells Limited, neither of which traded during the year. They are both registered and incorporated in England. Both companies each had net assets at 30 April 2024 of £1 (2023 - £1) and their profit for the year was £nil (2023 - £nil). |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
Additions |
Revaluations | 142,529 |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
R. TINCKNELL & SON LIMITED (REGISTERED NUMBER: 00452971) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | INVESTMENT PROPERTY - continued |
The investment property was valued at fair value at the year end by the directors of the company, based on information afforded by recent professional valuations of similar properties. |
The values shown above for investment property are analysed as follows: |
£ |
Revaluation surplus | 12,303,053 |
Cost | 24,047,947 |
Total | 36,351,000 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 4,799,473 | 4,799,473 |
R. TINCKNELL & SON LIMITED (REGISTERED NUMBER: 00452971) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
The bank loans and overdraft are secured by fixed charges over various freehold and investment property owned by the company and a debenture held against the company's assets. |
11. | CALLED UP SHARE CAPITAL |
Allotted, Called Up and Fully Paid: |
Number: | Class: | Nominal | 30.4.22 | 30.4.21 |
Value | £ | £ |
13,210 | C Ordinary | £1 | 13,210 | 13,210 |
17,608 | D Ordinary | £1 | 17,608 | 17,608 |
17,607 | E Ordinary | £1 | 17,607 | 17,607 |
17,607 | F Ordinary | £1 | 17,607 | 17,607 |
33,017 | A Deferred Ordinary | £1 | 33,017 | 33,017 |
33,017 | B Deferred Ordinary | £1 | 33,017 | 33,017 |
132,066 | 132,066 |
1,215,000 | 7% Deferred Preference Shares | £1 | 1,215,000 | 1,215,000 |
100,000 | 6% Deferred Preference Shares | £1 | 100,000 | 100,000 |
1,315,000 | 1,315,000 |
Total | 1,447,066 | 1,447,066 |
The A Deferred Ordinary shares carry voting rights, but no participation rights other than to receive par value on a winding up. The B Ordinary Deferred shares and the Deferred Preference shares carry no rights, except the repayment of par value on a winding up. |
The C Ordinary, D Ordinary, E Ordinary and F Ordinary shares rank pari passu in all respects save that the directors may declare a dividend on any one or more of the classes to the exclusion of the remainder of shares in the company. |
R. TINCKNELL & SON LIMITED (REGISTERED NUMBER: 00452971) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 18,532,339 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Transfer | 8,495 | (8,495 | ) | - |
At 30 April 2024 | 18,812,085 |
Revaluation Reserve |
The Revaluation Reserve represents the revaluation surplus of the land and buildings revalued at the date of transition to FRS102 less the deferred tax provision on the gain for tax purposes. The transfer of £8,495 from Retained Earnings during the year comprises the depreciation charged on the revaluation of the buildings which passed through the Income Statement. |
Retained Earnings |
Retained earnings include both realised and unrealised profits. |
13. | OTHER FINANCIAL COMMITMENTS |
The total amount of commitments that are not included in the balance sheet are £4,213,075 (2023 - £4,274,475). The commitments relate to rent payable in future periods up to the expiry date of the related leases. |
14. | RELATED PARTY DISCLOSURES |
At the year end the company owed £813,600 (2023 - £299,805) to some of the directors on which interest was payable and £36,403 (2023 - £32,719) to shareholders on which no interest was payable. |