Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-301450falseNo description of principal activityfalse2023-05-01false6675false 04532349 2023-05-01 2024-04-30 04532349 2022-05-01 2023-04-30 04532349 2024-04-30 04532349 2023-04-30 04532349 2022-05-01 04532349 1 2023-05-01 2024-04-30 04532349 1 2022-05-01 2023-04-30 04532349 5 2023-05-01 2024-04-30 04532349 5 2022-05-01 2023-04-30 04532349 d:Director1 2023-05-01 2024-04-30 04532349 d:Director3 2023-05-01 2024-04-30 04532349 d:Director4 2023-05-01 2024-04-30 04532349 d:Director4 2024-04-30 04532349 d:Director6 2023-05-01 2024-04-30 04532349 d:Director7 2023-05-01 2024-04-30 04532349 d:Director8 2023-05-01 2024-04-30 04532349 d:RegisteredOffice 2023-05-01 2024-04-30 04532349 e:Buildings e:LongLeaseholdAssets 2023-05-01 2024-04-30 04532349 e:Buildings e:LongLeaseholdAssets 2024-04-30 04532349 e:Buildings e:LongLeaseholdAssets 2023-04-30 04532349 e:PlantMachinery 2023-05-01 2024-04-30 04532349 e:PlantMachinery 2024-04-30 04532349 e:PlantMachinery 2023-04-30 04532349 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04532349 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 04532349 e:MotorVehicles 2023-05-01 2024-04-30 04532349 e:MotorVehicles 2024-04-30 04532349 e:MotorVehicles 2023-04-30 04532349 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04532349 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 04532349 e:FurnitureFittings 2023-05-01 2024-04-30 04532349 e:FurnitureFittings 2024-04-30 04532349 e:FurnitureFittings 2023-04-30 04532349 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04532349 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 04532349 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04532349 e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 04532349 e:CurrentFinancialInstruments 2024-04-30 04532349 e:CurrentFinancialInstruments 2023-04-30 04532349 e:Non-currentFinancialInstruments 2024-04-30 04532349 e:Non-currentFinancialInstruments 2023-04-30 04532349 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 04532349 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 04532349 e:Non-currentFinancialInstruments e:AfterOneYear 2024-04-30 04532349 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 04532349 e:UKTax 2023-05-01 2024-04-30 04532349 e:UKTax 2022-05-01 2023-04-30 04532349 e:ShareCapital 2023-05-01 2024-04-30 04532349 e:ShareCapital 2024-04-30 04532349 e:ShareCapital 2022-05-01 2023-04-30 04532349 e:ShareCapital 2023-04-30 04532349 e:ShareCapital 2022-05-01 04532349 e:SharePremium 2023-05-01 2024-04-30 04532349 e:SharePremium 2024-04-30 04532349 e:SharePremium 2022-05-01 2023-04-30 04532349 e:SharePremium 2023-04-30 04532349 e:SharePremium 2022-05-01 04532349 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 04532349 e:RetainedEarningsAccumulatedLosses 2024-04-30 04532349 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 04532349 e:RetainedEarningsAccumulatedLosses 2023-04-30 04532349 e:RetainedEarningsAccumulatedLosses 2022-05-01 04532349 d:OrdinaryShareClass1 2023-05-01 2024-04-30 04532349 d:OrdinaryShareClass1 2024-04-30 04532349 d:OrdinaryShareClass1 2023-04-30 04532349 d:OrdinaryShareClass2 2023-05-01 2024-04-30 04532349 d:OrdinaryShareClass2 2024-04-30 04532349 d:OrdinaryShareClass2 2023-04-30 04532349 d:OrdinaryShareClass3 2023-05-01 2024-04-30 04532349 d:OrdinaryShareClass3 2024-04-30 04532349 d:FRS102 2023-05-01 2024-04-30 04532349 d:Audited 2023-05-01 2024-04-30 04532349 d:FullAccounts 2023-05-01 2024-04-30 04532349 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04532349 e:WithinOneYear 2024-04-30 04532349 e:WithinOneYear 2023-04-30 04532349 e:BetweenOneFiveYears 2024-04-30 04532349 e:BetweenOneFiveYears 2023-04-30 04532349 e:HirePurchaseContracts e:WithinOneYear 2024-04-30 04532349 e:HirePurchaseContracts e:WithinOneYear 2023-04-30 04532349 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-04-30 04532349 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-04-30 04532349 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-04-30 04532349 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-04-30 04532349 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-04-30 04532349 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-04-30 04532349 e:LeasedAssetsHeldAsLessee 2024-04-30 04532349 e:LeasedAssetsHeldAsLessee 2023-04-30 04532349 f:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04532349









TIGER SUPPLIES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
TIGER SUPPLIES LIMITED
 
 
COMPANY INFORMATION


Directors
L D Payne 
C Fisher 
N Payne 
R Payne 
H Carter 




Registered number
04532349



Registered office
Leytonstone House
3 Hanbury Drive

Leytonstone

London

E11 1GA




Independent auditor
Barnes Roffe LLP
Chartered Accountants

Leytonstone House

Leytonstone

London

E11 1GA





 
TIGER SUPPLIES LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditor's report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Statement of cash flows
 
11
Analysis of net debt
 
12
Notes to the financial statements
 
13 - 25


 
TIGER SUPPLIES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The Company's principal activity continued to be that of supplier of consumables to the construction industry.

Business review
 
The financial year has been positive for the Company with revenue increases of 14.49% (2023 - 13.0% increase). Net assets have also increased £5.48m to £5.70m. The directors have not lost sight of careful financial management. Cash flow and working capital have been prudently managed and we are delighted to report a strengthening of the Company's balance sheet position. 
In addition, the directors have continued to monitor and implement measures to control overheads, and together with ongoing investment in sales and marketing initiatives, the Company's underlying growth is expected to continue at a healthy rate in the forthcoming year. 
However, the directors still maintain a certain degree of caution amidst these fragile economic times but are extremely confident they have in place a very strong proposition, an enhanced brand, and products which should mean that the company is well positioned to capitalise on future opportunities.

Principal risks and uncertainties
 
Throughout its operations the Company faces various principal internal and external risks and uncertainties, including working capital management, customer and supplier risk, inflationary and financial asset risk. The Company manages the risks inherent in its operations in order to mitigate exposure to all forms of risks, where practical.
Outlook
After continued strong performance, the Company still faces ongoing political instability and inflationary pressures which pose risks to the business. However, the business continues to show resilience throughout these challenging times as evidenced by the growth in turnover versus the previous financial year. The support of its loyal customer base as well as new customers has ensured the Company continues to go from strength to strength. 
The directors continue to take decisive action to manage and adapt to an ever-changing situation, but ultimately continue to deliver operational efficiencies which place the business on strong footings.

Financial key performance indicators
 
The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and net assets.


This report was approved by the board on 21 January 2025 and signed on its behalf.



................................................
H Carter
Director

Page 1

 
TIGER SUPPLIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Results and dividends

The profit for the year, after taxation, amounted to £299,117 (2023 - £494,753).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

L D Payne 
C Fisher 
S Morhall (resigned 1 July 2024)
N Payne 
R Payne 
H Carter  

Page 2

 
TIGER SUPPLIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This report was approved by the board on 21 January 2025 and signed on its behalf.
 





................................................
H Carter
Director

Page 3

 
TIGER SUPPLIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIGER SUPPLIES LIMITED
 

Opinion


We have audited the financial statements of Tiger Supplies Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 30 April 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
TIGER SUPPLIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIGER SUPPLIES LIMITED (CONTINUED)


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.


Opinion on other matters 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 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 in the Strategic report or the Directors' report.


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:


adequate accounting records have not been kept, or 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
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 Directors' responsibilities statement set out on page 2, 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.


Page 5

 
TIGER SUPPLIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIGER SUPPLIES LIMITED (CONTINUED)


Auditor's 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;
°Companies Act 2006;
°FRS102;
°Health and Safety legislation;
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

Making enquires of management as to where they consider there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgements and assumptions made in determining significant accounting estimates, including stock obsolescence, depreciation and bad debt provision were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenation.


Page 6

 
TIGER SUPPLIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIGER SUPPLIES LIMITED (CONTINUED)


A further description of our responsibilities for the audit of the financial statements is located 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 2006Our 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.





Andrew Barnes (Senior Statutory Auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Leytonstone House
Leytonstone
London
E11 1GA

24 January 2025
Page 7

 
TIGER SUPPLIES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
                                                                                                                        Note
£
£

  

Turnover
 4 
22,054,098
19,263,258

Cost of sales
  
(16,483,235)
(14,169,501)

Gross profit
  
5,570,863
5,093,757

Administrative expenses
  
(4,975,518)
(4,358,062)

Operating profit
 5 
595,345
735,695

Interest payable and similar expenses
  
(189,740)
(114,694)

Profit before tax
  
405,605
621,001

Tax on profit
 8 
(106,488)
(126,248)

Profit for the financial year
  
299,117
494,753

Other comprehensive income for the year
  

Total comprehensive income for the year
  
299,117
494,753

The notes on pages 13 to 25 form part of these financial statements.

Page 8

 
TIGER SUPPLIES LIMITED
REGISTERED NUMBER: 04532349

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2024
2023
2023
                                                                      Note
£
£
£
£

Fixed assets
  

Tangible assets
 9 
105,552
175,026

Current assets
  

Stocks
 10 
-
1,765,644

Debtors: amounts falling due within one year
 11 
14,322,630
17,702,889

Cash at bank and in hand
 12 
557,680
3,559

  
14,880,310
19,472,092

Creditors: amounts falling due within one year
 13 
(9,285,007)
(14,150,477)

Net current assets
  
 
 
5,595,303
 
 
5,321,615

Total assets less current liabilities
  
5,700,855
5,496,641

Creditors: amounts falling due after more than one year
 14 
-
(15,239)

  

Net assets
  
5,700,855
5,481,402


Capital and reserves
  

Called up share capital 
 16 
13,494
13,158

Share premium account
  
707,500
707,500

Profit and loss account
  
4,979,861
4,760,744

  
5,700,855
5,481,402


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2025.



................................................
H Carter
Director

The notes on pages 13 to 25 form part of these financial statements.

Page 9

 
TIGER SUPPLIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
12,500
707,500
4,345,991
5,065,991


Comprehensive income for the year

Profit for the year
-
-
494,753
494,753

Dividends: Equity capital
-
-
(80,000)
(80,000)

Shares issued during the year
658
-
-
658



At 1 May 2023
13,158
707,500
4,760,744
5,481,402


Comprehensive income for the year

Profit for the year
-
-
299,117
299,117

Dividends: Equity capital
-
-
(80,000)
(80,000)

Shares issued during the year
336
-
-
336


At 30 April 2024
13,494
707,500
4,979,861
5,700,855


The notes on pages 13 to 25 form part of these financial statements.

Page 10

 
TIGER SUPPLIES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
299,117
494,753

Adjustments for:

Depreciation of tangible assets
33,143
33,604

Loss on disposal of tangible assets
14,513
9,841

Interest paid
189,740
114,694

Taxation charge
106,488
126,248

Decrease in stocks
1,765,644
164,260

(Increase) in debtors
(1,558,405)
(994,329)

Decrease/(increase) in amounts owed by groups
4,938,664
(511,036)

(Decrease)/increase in creditors
(5,980,814)
1,000,192

Corporation tax received/(paid)
4,669
(251,747)

Net cash generated from operating activities

(187,241)
186,480


Cash flows from investing activities

Purchase of tangible fixed assets
(14,964)
(17,003)

Sale of tangible fixed assets
36,782
5,001

Net cash from investing activities

21,818
(12,002)

Cash flows from financing activities

Issue of ordinary shares
336
658

Movements on invoice discounting
1,007,741
(354,319)

Repayment of finance leases and hire purchase contracts
(18,793)
(23,219)

Dividends paid
(80,000)
(80,000)

Interest paid
(189,740)
(114,694)

Net cash used in financing activities
719,544
(571,574)

Net increase/(decrease) in cash and cash equivalents
554,121
(397,096)

Cash and cash equivalents at beginning of year
3,559
400,655

Cash and cash equivalents at the end of year
557,680
3,559


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
557,680
3,559

557,680
3,559


Page 11

 
TIGER SUPPLIES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

3,559

554,121

557,680

Debt due within 1 year

(2,028,137)

(1,007,741)

(3,035,878)

Finance leases

(34,032)

18,793

(15,239)


(2,058,610)
(434,827)
(2,493,437)

The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Tiger Supplies Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA. The Company's principal activity continued to be that of supplier of consumables to the construction industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2
Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated   with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction;
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual bases:

Leasehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the Statement of Income and Retained Earnings.

  
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

  
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Page 14

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings.
All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'administrative expenses'.

  
2.8

Creditors

Short term creditors are measured at the transaction price.

Page 15

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.9
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.11

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgements in applying the entity’s accounting policies
No significant judgements have had to be made by management in preparing these financial statements.
b) Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. 
(i) Stock provision
It is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of the goods.


4.


Turnover

The whole of the turnover is attributable to the sale of consumables to the construction industry.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
33,143
33,604

Exchange differences
1,294
(1,148)

Loss on sale of tangible assets
14,513
9,841


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
15,000
15,000
Page 18

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,891,220
2,517,156

Social security costs
180,753
176,814

Cost of defined contribution scheme
40,251
34,688


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration
6
7



Selling and distribution
60
68

66
75

Page 19

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
106,488
127,460

Adjustments in respect of previous periods
-
(1,212)


106,488
126,248


Total current tax
106,488
126,248

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
405,605
621,001


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
101,401
117,990

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(4,274)
1,581

Capital allowances for year in excess of depreciation
9,361
-

Adjustments to tax charge in respect of prior periods
-
(1,212)

Deferred tax not provided
-
7,381

Change in tax rates in the year
-
508

Total tax charge for the year
106,488
126,248

Page 20

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Tangible fixed assets





Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 May 2023
68,420
95,963
107,956
143,939
416,278


Additions
9,748
-
5,216
-
14,964


Disposals
(9,980)
(79,653)
(33,757)
(129,799)
(253,189)



At 30 April 2024

68,188
16,310
79,415
14,140
178,053



Depreciation


At 1 May 2023
15,154
76,635
28,216
121,247
241,252


Charge for the year on owned assets
1,450
2,107
11,623
5,555
20,735


Charge for the year on financed assets
-
3,045
9,363
-
12,408


Disposals
(2,262)
(67,689)
(14,966)
(116,977)
(201,894)



At 30 April 2024

14,342
14,098
34,236
9,825
72,501



Net book value



At 30 April 2024
53,846
2,212
45,179
4,315
105,552



At 30 April 2023
53,266
19,328
79,740
22,692
175,026

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
-
12,182

Motor vehicles
28,089
37,452

28,089
49,634

Page 21

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Stocks

2024
2023
£
£

Finished goods and goods for resale
-
1,765,644


Stock recognised in cost of sales during the year as an expense was £13,508,425 (2023 - £11,324,092).


11.


Debtors

2024
2023
£
£


Trade debtors
3,694,340
3,234,977

Amounts owed by group undertakings
7,270,295
12,208,959

Other debtors
12,336
24,949

Prepayments and accrued income
3,345,659
2,234,004

14,322,630
17,702,889


Trade debtors consist of financed debts.
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Page 22

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
557,680
3,559



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Invoice financing
3,035,878
2,028,137

Trade creditors
2,119,507
9,782,391

Corporation tax
238,617
127,460

Other taxation and social security
937,652
351,394

Obligations under finance lease and hire purchase contracts
15,239
18,793

Other creditors
11,442
20,973

Accruals and deferred income
2,926,672
1,821,329

9,285,007
14,150,477


Secured loans
The company assigned book debts to an invoice discounting company. At the year end the company had a liability in respect of this of £3,035,878 (2023 - £2,028,137). This is secured by a fixed and floating composite guarantee and debenture dated 31 October 2019.


14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
15,239


Net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

Page 23

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
15,239
18,793

Between 1-5 years
-
15,239

15,239
34,032


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



12,500 (2023 - 12,500) Ordinary shares of £1.00 each
12,500
12,500
658 (2023 - 658) Ordinary A shares of £1.00 each
658
658
336 (2023 - Nil ) Ordinary B shares of £1.00 each
336
-

13,494

13,158


During the year the Company issued 336 Ordinary B £1 shares at par.


17.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £40,251 (2023 - £34,688). Contributions totalling £6,258 (2023 - £11,923) were payable to the fund at the balance sheet date. 


18.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
42,056
10,629

Later than 1 year and not later than 5 years
52,869
13,990

94,925
24,619

Page 24

 
TIGER SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Related party transactions

During the year, the company engaged in transactions with entities connected by virtue of having directors, members and shareholders in common.
Total sales to these entities in the year amounted to £1,274,656 
(2023 - £424,810).
Total purchases in the year amounted to £6,954,985 
(2023 - £3,815,342) and management charges payable amounted to £2,541,198 (2023 - £1,987,715).
At the year end amounts owed from connected entities totalled £6,569,468 (
2023 - £3,942,199).


20.


Controlling party

The Company's ultimate controlling party is L D Payne.

 
Page 25